CoinDesk - Unknown

zcash-zec-coinmarketcap-2016-12-15

The price of Zcash (ZEC) inched closer to $40 on 15th December, falling to as little as $40.08 during the session, according to data from CoinMarketCap.

ZEC tokens have never reached $40 before, so this price level would represent a new low for the digital currency.

Zcash has generated significant visibility since its launch, with supporters pointing to its zero-knowledge proofs, called zk-SNARKS, as a means of achieving greater privacy for transactions.

ZEC prices surged on their first trading day of 28th October, reaching approximately 3,300 BTC (more than $2 million) on Poloniex. However, the digital currency's price quickly declined, ultimately falling to 48 BTC that day.

Zcash has thus far failed to obtain adoption, and cryptocurrencies like Monero remain dominant on the Dark Web, where users derive significant benefit from maintaining privacy in their transactions. Since ZEC tokens have not obtained a meaningful use thus far aside from trading, some market observers have asserted that their value is, at present, purely speculative.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in the startup developing the open-source Zcash platform.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC