Zcash overtook monero as the leading privacy coin according to a new report by Weiss Ratings that says XMR is losing its appeal. In our Monero latest news, we read more about the report.
The users who value privacy are leading more towards Zcash as we are reporting today in our Zcash analysis. The altcoin went through the Heartwood upgrade that enables third-party integrations and better privacy and the altcoin also has a halving event scheduled for November this year. The team at Weiss ratings concluded that Monero is losing its appeal as the choice coin for privacy-centric crypto users and the same users now prefer Zcash because of the addition of the new features thanks to the Heartwood upgrade. The team at Weiss Ratings elaborated on choosing Zcash via a tweet:
“Zcash has successfully hard forked in the planned network update “Heartwood.” Now, miners can receive #Coinbase transactions directly to their private address. Privacy coins are very important for the space, and Zcash is overtaking #Monero as the go-to privacy coin. #XMR #ZEC”
The mentioned upgrade was activated at block 903,000 of the Zcash network on the 16th of July. The upgrade enables more third-party integrations and privacy thorough shielded coinbase. The upgrade was a result of the two Zcash improvement proposals of the ZIP-221 and ZIP-213. By enabling improved light-client wallets, this will improve cross-chain protocols as well. The ZIP specifies modifications to be made to the Zcash block header format including the Merkle Mountain Range commitments. Shielded coinbase defines modifications to the ZEC consensus that enables the funds to be mined to the Sapling addresses.
As Zcash overtook Monero, the upcoming halving event will reduce the rewards from the current 12.5 ZEC to 6.25 ZEC, happening on the 16th of November at block 1,046,400. The event is four months away and Zcash could have adequate bullish momentum to retest the $75 resistance zone. Other zones could be $64, $66, $69 and $73. In the meantime, the daily ZEC/USDT chart indicated that Zcash could be in for a pullback. This can be seen through the reduction in trading volume and the high MFI daily of 74.
Zcash traders and investors are advised to use the stop losses and to have an eye for sudden bitcoin movements when trading altcoins.