ZClassic (ZCL) is poised to reclaim its lost glory amid the current cryptocurrency storm. With many Altcoins still on the red, lady luck seems to frown on this latest fork from ZCash. With a lot of expectations from digital coin lovers, market recovery seems to be on the horizon for most alternative coins.
After registering a drop of 97% ZClassic (ZCL) has managed to trade at $5.31 after gaining at least 83.19% against the dollar and an impressive 79.17% against ETH (at the time of writing). This could be good news for the investor but with the uncertainty in the market, the gains might still go to the dogs in the next few days.
What Does the ZCL Price Spike Mean?
Forking from ZCash might have brought ZClassic (ZCL) to the limelight but the euphoria did not stick around for long. However, the coin is packed with a lot of value. It offers miners full control of their rewards which is not shared with the developer team. The 20% mining share quota with the development team was scraped meaning that miners made100% profits.
After the fork ZCash maintained their price above the $200 mark while ZClassic dropped as low as 97%. This should have worried all stakeholders but is seems the coin is on its recovery path. The drastic drop in price was occasioned by miners making more coins, the amount that went to the development of the platform. You cannot make more coins than what is in circulation and expect to grow.
ZCash Founder Zooko Wilcox Impact on ZClassic (ZCL)
Getting back to the green light might mean ZClassic is seeking to break the resistance and claim its position in the market. With Zooko Wilcox, ZCash founder entrepreneur and crypto-lovers talk just a few hours ago, the current surge could me added confidence in ZClassic. The talk about the future of the next generation digital assets and blockchain technology could be the stimulus the community has been yearning for.
With most Altcoins, any news in the press or social media can easily make or break a coin. However, there is a lot expected from ZClassic; enhanced privacy levels and permission-less innovation are some of the issues the developer team is set to address. With an increased blockchain visibility, ZClassic can turn the tables and become one of the forces to reckon with in the cryptocurrency landscape.
ZClassic (ZCL) Future Prospects
There is a lot of activity around ZCL from the exchanges where the coin is listed. Bittrex is leading pushing 86.79% of the total volume in the last 24 hours followed by Cryptopia with 9.01% a clear indication that the coin popularity is evident and could continue for a couple of days. The question is, will the coin hold and break the $5 resistance?
With the current state of the market, it is hardtop predict. The issues of regulation and taxation are affecting coin performance across the board and it might take a while before it is resolved. Maintaining the green might hoodwink high profile investors and partners that will give the platform the much needed push.
The fork ZCash to ZClassic fork caused uncertainty on how ZCash holders will be rewarded with the newly created coin, ZCL and this did not work well for the investor and the market tended to shy away from the new coin affecting its outright adoption by users and exchanges of repute.
The suspension of ZClassic (ZCL) from Bittrex earlier in the month of March affected the coin volumes and delayed fast access to trading in the market. The coin is back at Bittrex and seems like it is set to skyrocket in the next coming months.