bullish

Medium

Bitcoin

when

Zcash

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/zcash-reaches-new-annual-high/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Zcash Reaches New Annual High</a> 
Zcash (ZEC) price continued from where it left off last week and reached a new annual high on August 12 before its recent pullback. On that date, the privacy coin hit $45.45. This price marks not only ZEC’s highest level this year but also its peak since March 2023.
<h2 class="p1" style="text-align: justify" id="what-s-happening-on-the-zcash-front">What’s Happening on the Zcash Front?</h2>
Zcash (ZEC) increased by approximately 45% in the last 30 days and became one of the best-performing altcoins at the beginning of August. On July 15, ZEC was trading at $28.54 but has seen significant growth since then. According to analysts, this increase is not driven solely by buying pressure or general <a href="https://finance.coin-turk.com/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">market</a> interest. The fundamental factor behind the rise is speculation about Zcash’s possible transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS). ZEC has traditionally relied on the PoW algorithm similar to <a href="https://en.coin-turk.com/elon-musks-reluctant-comments-on-bitcoin-and-twitter/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC).
However, on August 10, the project’s founder Zooko Wilcox hinted at a transition to PoS. Wilcox stated that the creation of new ZECs through PoW has contributed to downward price pressure over the years and that the recent upward trend has started to reverse.
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-380292 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/zcash.png" alt="" width="3190" height="1802">
Wilcox stated in a Medium post that the transition to PoS aims to reduce new token creation, thereby reducing the downward pressure on ZEC’s price. The founder explained how PoS would positively affect the cryptocurrency’s value:
<blockquote>
 “It will allow people to stake their ZECs, thereby increasing demand for ZEC. Additionally, by locking staked ZECs, it will reduce the supply of ZEC.”
</blockquote>
Supporting the founder’s concerns about increasing supply, <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a> from Messari reveals that Zcash’s new issuances have risen to 157,000 tokens as of the date of this writing. On July 1, this figure had fallen below 70,000, indicating a sharp increase in circulating tokens.
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-380291 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/messari.webp" alt="" width="1326" height="796">
<h2 class="p1" style="text-align: justify" id="zec-chart-analysis">ZEC Chart Analysis</h2>
Technically, the daily chart reveals that ZEC’s price has been forming Lower Highs (LH) since July. This formation indicates strong support almost every time the price increases. Additionally, the Exponential Moving Average (EMA) provides more information about ZEC’s trend. EMA is a technical indicator used to measure trend direction, and when the shorter EMA is positioned above the longer EMA, it indicates an upward trend, while the opposite indicates a downward trend.
On July 14, the 20-day EMA (blue) crossed above the 50-day EMA (yellow), forming a golden cross. This pattern typically confirms a bullish outlook, strengthening ZEC’s upward momentum. The shorter EMA continues to outpace the longer one, indicating the potential for further gains. If this trend continues, ZEC’s price could reach $46 in the short term.
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-380290 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/zcash-grafik.webp" alt="" width="2048" height="1157">
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/zcash-reaches-new-annual-high/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Zcash Reaches New Annual High</a></h5>
The post <a href="https://en.coin-turk.com/zcash-reaches-new-annual-high/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Zcash Reaches New Annual High</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.

Zcash Reaches New Annual High

Table of Contents

COINTURK NEWS

Other articles published on Aug 15, 2024

Upcoming Pi Mainnet Launch: Check Speculative Pi Coin Price

🗒 Daily Newsletter | Thurday, August 15, 2024

BabyDogeCoin Launches Petition to Secure Binance Listing

Why Has the Bitcoin Price Become Too Volatile? Here’s When It May Hold the Support at $60,000 & T...

Ethereum Faces Supply and Inflation Challenges

Renowned Analyst Shares the Level He Expects Bitcoin Price to Reach in the Short Term

Join our free newsletter for daily crypto updates!