The crypto market continues to show weakness, and bitcoin is still hovering around $6400, a price it has traded at for quite some time now. Tether is gaining too, a key indicator that investors believe cryptos will drop, at least in the next 24 hours.
One crypto that is still is in the green in these market conditions is ZCash (ZEC). ZCash’s positive momentum is driven mainly by the coming sapling activation, which is in 3 days’ time. This upgrade seems to have driven up bullish momentum in ZCash (ZEC) for the past couple of days, and it seems to be holding up quite well as the date approaches.
Sapling is an upgrade that aims to improve the efficiency of ZCash and hasten its rate of adoption by vendors, as well as exchanges. Here are specifics of the improvements that sapling will bring to the ZCash network.
First, it will increase the speed of ZCash transactions. That’s because payments on sapling addresses will be created in a few seconds, and take up very little memory space, 40 MBs to be specific. Secondly, the new sapling addresses will enable the hardware that creates the zero-knowledge proof to be independent of the hardware that signs transactions. This will add to the privacy capabilities of ZCash in the future. It will also bring with it improved keys that will allow users to have a view of incoming as well as outgoing transactions without exposing their private keys.
In essence, there is a fundamentally strong reason why ZCash (ZEC) is performing well, as the upgrade date approaches. ZCash (ZEC) is already one of the most secure privacy coins in the market. As such, the fact that it is upgrading to get even better at this function will draw in more users in the long-run. This explains why investors are taking more interest in ZCash at current prices.
In the long-run, ZCash is one of the privacy coins that stand to make a strong showing. The privacy market is growing and will thrive for as long as people have a need to shield their wealth from the public. As such, strong privacy coins have the room to keep growing. ZCash is one of the strongest privacy coins in the market today, alongside Monero (XMR). Actually, these two are the most recognized privacy coins in the market, and the market could possibly consolidate around them. This could see its value rise significantly over time, given that the off-shore banking wealth storage market is worth trillions of dollars.
Besides its strong market presence, ZCash also has a very low supply. This means that in a bull run, demand would be chasing a limited number of coins. With a coin supply of just 5 million coins, ZCash has what it takes to blow past $1000. Now that it is making upgrades that enhance its speeds and privacy capabilities, its chances of exponential growth in the future are only getting better. Currently, ZCash (ZEC) is trading at $126, quite a discount from its all-time highs of over $600.