Zcash Pushes Higher, Becoming The Best Performing Asset In A Day

Zcash pushes higher by 12%, outperforming bitcoin on a daily basis as it became the best-performing asset in the past 24-hours as we are reading more in the upcoming Zcash ZEC news.

Zcash pushes higher, outperforming both Ethereum’s and Bitcoin’s gains. According to the analyst, ZEC was among the worst performers in 2018 during the bear market but they expect it to rally even higher. The analyst cited both technical and fundamental reasons for the optimism as ZCash could soon press higher in the upcoming days. One trader noted that the ZCash recent price action brought it above the pivotal resistance level which clears it for a 30% move to the next strong resistance of $125:

 “I’m not in this trade but super happy for all the homies that are! Congrats are killing this: – Every resistance has been barreling through – I could see a slight pull back to support before another leg up to $116. Magnet Activated.”

The halving in November this year meaningfully reduces supply on market. ZEC is one of the most inflationary coins on the market, and so IMO the argument for the halving leading to a more bullish ZEC is stronger than the argument for the BTC halving leading to a bullish BTC. https://t.co/w2XQjDqMYG

— Avi IS RIGHT (@AviFelman) August 5, 2020

Underscoring the positive technicals for ZEC is the cryptocurrency’s block reward halving. Zcash is a fork of the BTC protocol with added privacy features but the codebases of the project have mostly diverged as both cryptocurrencies have 21 million coin supply cap and block reward halving every four years. Zcash’s next halving will happen in November with estimated placing the date of the event on the 19^th of the month.

A trader at BlockTower Capital Avi Felman sees this as a fundamental event as a potential catalyst for the action to go higher as he commented:

 “The halving in November this year meaningfully reduces supply on market. ZEC is one of the most inflationary coins on the market, and so IMO the argument for the halving leading to a more bullish ZEC is stronger than the argument for the BTC halving leading to a bullish BTC. Disclosure: we are long ZEC.”

Looking at it from a number standpoint, the sentiment is making sense because ZEC is in its emission curve as each ZEC halving should have a larger effect than each and every one of BTC’s halvings. A Zcash director leaves the project and according to the analyst Qiao Wang, this is adding to the aspects that make Zcash an attractive investment. He says that both the product development progress and technical analysis are extremely bullish signs for the privacy-focused asset.