Zcash Prices Sink Below $30 in Market First

Zcash prices consistently traded below $30 during the 22nd February session, a first for the cryptocurrency.

AccessTimeIconFeb 22, 2017 at 9:20 p.m. UTC
Updated Sep 11, 2021 at 1:06 p.m. UTC

The price of the privacy oriented digital currency zcash traded below $30 on most of its major exchanges yesterday, a first for the publicly traded blockchain token launched last October.

The cryptocurrency, which leverages zero-knowledge proofs called zk-SNARKS, has spent more than 16 hours below $30 today and fallen to as little as $27.83, CoinMarketCap data reveals.

At the time of report, zcash was trading at $27.93, a roughly 6.5% drop in the 24 hours.

Zcash first tested $30 on 13th February, falling to as little as $30.11. However, traders soundly rejected this attempt, causing zcash prices to reach $30.66 that day.

Since then, more tests have been made by traders, though none have been successful in pushing the price through the $30 mark.

Relative price stability

The latest price decline fits into the broader narrative of the cryptocurrency, which launched with sky-high expectations late last year and is still very much seeking to build an initial batch of users and a supporting market.

Overall, the privacy oriented digital currency's price has been relatively stable over the last few months, following a period of wild volatility when the currency went live in late October.

Zcash tokens surged to roughly 3,300 BTC (more than $2m) on some exchanges around that time, though this was due to their initial scarcity and slow release.

The price fell below $100 within a month, and has since dropped below other key levels such as $50, following a slow downward trend.

Depending on how long zcash remains below $30, it could build resistance at this particular price level.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Zcash Company.

Image via Coinmarketcap; Boat image via Shutterstock


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

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.