Since yesterday, the cryptocurrency market has increased in value from $387 billion to $408 billion, which means over 21 billion increments. Major cryptocurrencies including bitcoin and Ethereum have increased in the 3 to 6 percent range while smaller assets like Zcash (ZEC), Aelf (ELF), Kyber Network (KNC), and Enigma increased in the 10 to 50 percent range.
Zcash, a privacy-focused cryptocurrency on May 14 went through a 55 percent increase in price after being listed on Gemini, one of the leading cryptocurrency exchanges in the US run by the Winklevoss twins. Following the official announcement of Geminin, Zcash price rose from 0.0293 to 0.0456 BTC.
According to Cameron Winklevoss, Gemini CEO, privacy-focused cryptocurrencies such as Zcash have previously found it difficult to increase in market value as a result of potential bans by authorities, similar to that of the Japanese cryptocurrency market.
“Part of the reason a coin like Zcash has a smaller market cap is that people are not sure if regulators will ever get comfortable with this type of technology. Today demonstrates that through education and collaboration and with the right controls in place, regulators can get comfortable with privacy technology,” said Winklevoss.
The Japanese government and the Financial Service Agency (FSA) in recent months have remained strict on cryptocurrency exchanges from trading with anonymous cryptocurrencies such as Zcash and Monero to make certain that trading platforms are not used for criminal activities.
Hence, it is ground-breaking for Zcash to be listed by Gemini which is recognized as a leading trading platform in terms of compliance and security.
Following a recent drop of 20 percent in value, Zcash has managed to recover to the 0.04 BTC range and keeps on increasing to about 0.043.
Even though the price f Zcash has risen over 40 percent, the Relative Strength Index (RSI) of Zcash remains in the neutral zone at 66.