On Monday, the price of Zcash rose to $345 following the announcement of Gemini that next week it will list the privacy-centric cryptocurrency for trading.
Zcash had hit the day trading slightly above $250, and it trades close to the level before the close of the day. During this period, Zcash price went through a sudden increase to $345.
However, the coin was not able to maintain this level and has since dropped to a present value of $306. Still, this indicates a single-day increase of over 22 percent, and it has boosted that Zcash market to a market cap over $1.2 billion.
Zcash is notably trading at a $16 to $18 premium against the South Korean won, even though Korean exchanges presently have a small percentage of ZEC’s global volume. As a matter of fact, Zcash trading is justly well-distributed for an altcoin, as no other exchange has over 21 percent of the coin’s estimated $223 million in daily volume.
The recovery of Zcash comes after Winklevoss-led Gemini announced that it will list Zcash markets next week after receiving approval from the New York Department of Financial Services (NYDFS) to include three ZEC markets to be open for trading next Tuesday.
Founded by Cameron and Tyler Winklevoss, Zcash will be the third cryptocurrency to be listed on the exchange. Even though Gemini has received approval from NYDFS to list bitcoin cash and litecoin, it is still not certain when these assets will be included in the platform.