The upward momentum in Zcash (ZEC) price, outside of today’s blip, continues to gather pace in response to the Sapling release. The significant system upgrade has gone a long way in improving security and functionality of the Zcash network. In return, the cryptocurrency has started showing signs of taking out the $150 USD mark after the recent spike.
Sapling Update Impact
Zcash continues to hold steady as the 19th largest cryptocurrency in the world by MCAP. Likewise, its price appears to have found some stability above the $100 USD mark. The cryptocurrency now looks set to rise above the $150 USD mark before the end of the year. Supporting the upward momentum is the fact that the overall cryptocurrency sector is showing signs of turning bullish.
The cryptocurrency has seen its sentiments among users inch a notch higher as a privacy coin. Similarly, the launch of the Sapling update has all but gone to strengthen its security capabilities. While the $150 USD mark seems like an attainable feat, the cryptocoin is still a shadow of its record high over $4,000 USD.
Zcash Price Analysis
Zcash has had a turbulent run in 2018. The cryptocurrency has lost more than 80% in market value since the start of the year. Likewise, it has continued to trade in a tight trading range between $100 and $125 USD level until recently.
A breakout from the tight trading range would mark an important milestone as the overall sector continues to recover. However, it is highly unlikely that the altcoin will make a run this year. The most realistic goal as the overall industry continues to gather pace is the $150 USD level.
Most importantly, the Sapling update has provided a significant upward momentum. However, the altcoin will also have to provide new catalysts if it is to continue climbing high. Mass adoption of the altcoin has taken a significant hit in recent months as regulators around the world are talking tough about privacy altcoins.
Regulators in Japan, for instance, have issued bans on privacy cryptocurrencies. Concerns over the use of the cryptocurrency to fuel money laundering have all but continued to dent Zcash sentiment.
Delayed mainstream adoption is the last thing that Zcash needs at the moment if it is to bounce back to its glory years. Amidst the uncertainty and the concerns, Zcash has still shown it has what it takes to be a success. Nonetheless, the altcoin is still one of the top 20 traded cryptocurrencies.
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