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Zcash Price Continues Downward Spiral Below $50
Zcash (ZEC) prices fell below $50 for the first time ever on 6th December, less than two months after the token's launch.
Updated Sep 11, 2021, 12:44 p.m. Published Dec 7, 2016, 11:54 a.m.
Zcash fell below $50 for the first time on 6th December, building upon the steady losses it has suffered since going live on 28th October.
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The digital currency, which helps counterparties enjoy greater privacy by using zero-knowledge proofs called zk-SNARKS, fell to a low of $46 at 10:30 UTC, Poloniex figures reveal.
ZEC lingered at this low price only briefly, quickly recovering to $47.71 by 10:40.
The cryptocurrency briefly rebounded, hitting $50.71 some 30 minutes later, but at the time of reporting, ZEC tokens had fallen back below the $50 and were trading at sub-$48 levels.
These price fluctuations took place amid relatively modest trading activity, as 24-hour volume did not reach $1.6 million at any point during the session, according to CoinMarketCap.
Zcash prices have experienced some sharp declines since the digital currency went live on 28th October, when ZEC surged to roughly 3,300 BTC (more than $2 million) but dropped to 48 BTC the same day.
Within a few weeks, Zcash prices had declined to 1 BTC. Now, their steady, downward movement continues.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership in the startup developing the open-source Zcash platform.
Stairway image via Shutterstock
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