The price of Zcash is beginning to show (relative) stability.
Despite the sharp volatility it has repeatedly experienced since going live on 28th October, movements calmed yesterday, providing the privacy-oriented digital currency with uncharacteristically modest price fluctuations.
Opening the session at $68.72, ZEC climbed as much as 6% to reach $72.94 during the day, CoinMarketCap data reveals. The digital currency later gave up these gains, declining to roughly $68.68 by 20:50 UTC, 5.8% lower than the daily high and roughly on par with the opening price.
The digital currency experienced these relatively modest price fluctuations amid light volume. (ZEC’s 24-hour volume hit $1.28m at points, CoinMarketCap figures show).
This figure compares to daily volume of $4.8m and $3.53m on 1st and 25th November, respectively.
The relative calm is serving as a contrast to the wild fluctuations seen in late October when it surged to roughly 3,300 BTC (more than $2 million) on Poloniex and declined to 1 BTC, all within the span of just a few weeks of trading.
For more on Zcash, read our latest feature on the protocol.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an investment stake in the startup supporting Zcash’s open-source development.
Zen stone image via Shutterstock
The leader in blockchain news, 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.