Zcash Price Prediction 2024: ZEC Price Analysis
What's next for zCash?
Key Takeaways
- Zcash has changed the way its nodes work as it builds towards transitioning to Proof-of-Stake.
- The ZEC coin has had a rough time over the last two years or so.
- Will ZEC ever break past $100?
- ZEC is predicted to be worth $85.94 in 2025.
The Zcash privacy coin has had a poor couple of years, but investors will hope recent news can help turn things around.
The platform announced that it would be changing the way that the computers, or nodes, which help power the blockchain work. It said it would now operate on a system called Zebra.
On September 20, the Coinbase exchange had to take action after one mining pool took control of more than 50% of Zcash’s computational power, or hash rate.
In early 2024, Zcash managed to avoid the Binance (BNB) delisting that struck its fellow privacy coin, Monero (XMR).
On August 7, 2024, Zcash was worth about $29.75.
Zcash did not respond to a request for comment.
Let’s now take a look at our Zcash price prediction. We’ll also examine the Zcash price history, and explain a little about what Zcash is and what it does.
Zcash Coin Price Prediction
| Minimum NEAR Price Prediction | Average NEAR Price Prediction | Maximum NEAR Price Prediction | |
|---|---|---|---|
| 2024 | $29.47 | $63.74 | $72.50 |
| 2025 | $71.09 | $77.94 | $85.94 |
| 2030 | $223.59 | $240.28 | $246.52 |
Zcash Price Prediction 2024
If the positive momentum continues and ZEC breaks above its moving averages, it could reach targets between $29.47 and $72.50 by the end of 2024, with the average price set at $63.74.
Zcash Price Prediction 2025
Technical analysis suggests a potential increase for Zcash in 2025. The minimum ZEC price expected for 2025 is $71.09 while the maximum one is $85.94. On the other hand, the average forecast suggests it may reach $77.94.
Zcash Price Prediction 2030
Based on technical analysis, ZEC may reach a maximum level of $246.52 at the beginning of the next decade, while, in the worst scenario, it may go to $223.59. Meanwhile, the average expected price is $240.28.
Zcash Price Analysis
Zcash has recently broken through the ceiling of its medium-term falling trend channel, suggesting either a deceleration in its decline or the beginning of a more horizontal trend.
Additionally, the cryptocurrency has surpassed a short-term resistance level, indicating a positive signal for short-term trading. Currently, Zcash is approaching a resistance level at $34.70, which might trigger a negative reaction.
However, if it breaks above $34.70, it would signal a positive development.
Short Term Zcash Price Prediction
Zcash price prediction sees the price of ZEC to rise by 1% in the next 24 hours and it is expected to drop by 15% in the next month, reaching $28.50 by September 6, 2024.
Despite this projected decline, technical indicators show a bullish sentiment, while the Fear & Greed Index indicates a reading of 29 (Fear). Zcash has recorded 17 out of 30 (57%) green days with a price volatility of 11.92% over the last 30 days. Based on this forecast, it appears to be a good time to buy Zcash.
Zcash Relative Strength Index (RSI): Is ZEC Oversold or Undersold?
Zcash Price Performance Comparisons
How Do We Make a Zcash Price Prediction?
Our price prediction for Zcash combines technical analysis tools and recognizes the logic in price cycles. We’ve primarily used the Elliott Wave Principle, which describes these price movements in their motive and correction phases. Applied to the Zcash-specific time-frames and its price history, we can come up with the targets, although the further we project, the less accurate they are because they depend on what happens in between.
Best Days and Months to Buy Zcash
We took a look at Near Protocol price history and found the times when the price was at its lowest across certain days, months, quarters and even weeks in the year, suggesting the best times to buy ZEC.
| Day of the Week | Sunday |
| Week | 12 |
| Month | May |
| Quarter | Second |
ZEC Price History
Following that, let’s now take a look at some of the key dates in the Zcash price history . While past performance should never be taken as an indicator of future results, knowing what the coin has done can help give us some very useful context when it comes to either making or interpreting a Zcash price prediction.
| Time period | Zcash Price |
|---|---|
| Last week (July 31, 2024) | $31.4914 |
| Last month (July 7, 2024) | $19.5728 |
| Three months ago (May 7, 2024) | $22.87 |
| One year ago (August 7, 2023) | $29.5705 |
| Launch price (October 30, 2016) | $2,014.38 |
| All-time high (October 30, 2016) | $2,014.38 |
| All-time low (July 6, 2024) | $18.29 |
Zcash Market Cap
The market capitalization, or market cap, is the sum of the total number of ZEC in circulation multiplied by its price. On August 7, 2024, Zcash’s market cap was $538.6 million, making it the 99th largest crypto by that metric.
Who owns the most Zcash (ZEC)?
On August 7, 2024, a wallet held 6.74% of the supply of ZEC.
Richest ZEC Wallet Addresses
As of August 7, 2024, the five wallets with the most ZEC were
- t1RyCw14wRXrh3mp21uxgr9ynjem7cNUkMH. This wallet held 1,414,573 ZEC, or 6.74% of the supply.
- t1YAJRckmR8mLCyoMarwRdQSUJ2RUz79m2F. This wallet held 325,149 ZEC, or 1.55% of the supply.
- t1ZCWxRy9WWF2paG95cN9rkEe9NZjE4EXdB. This wallet held 247,080 ZEC, or 1.18% of the supply.
- t1cJh3UHcFw6hhP5mSDBQz5UL1WAFdshu9L. This wallet held 207,830 ZEC, or 0.99% of the supply.
- t1MrSHYvVUu4LEoXGSzRxtmB6YP96hDknqT. This wallet held 160,010 ZEC, or 0.76% of the supply.
Zcash Supply and Distribution
| Supply and distribution | Figures |
|---|---|
| Total supply | 21,000,000 |
| Circulating supply (as of August 7, 2024) | 16,328,269 (78% of total supply) |
| Holder distribution | Top 10 holders own 16% of supply (as of August 7, 2024) |
From the Zcash Whitepaper
In its technical documentation, or whitepaper , Zcash says it is designed to improve blockchain finance privacy. It says: “Zcash is an implementation of the Decentralized Anonymous Payment scheme Zerocash, with security fixes and improvements to performance and functionality. It bridges the existing transparent payment scheme used by Bitcoin with a shielded payment scheme, secured by zero-knowledge succinct arguments of knowledge (zk-SNARKs).”
Zcash (ZEC) Explained
Zcash is a privacy coin, ultimately based on Bitcoin (BTC). The idea is that people who hold the coin are able to have their transactions encrypted, which offers a level of privacy that many other blockchains do not have.
Computer scientist Matthew Green led the team that founded the platform in 2013. Computer security specialist Zooko Wilcox helped turn the theory into a reality, and ZEC itself came out in 2016.
ZCash is supported by its eponymous coin, known by the ticker handle ZEC.
How Zcash Works
ZCash uses a Proof-of-Work (PoW) consensus mechanism. This means that people add blocks to the blockchain and verify transactions by solving a series of increasingly complex mathematical equations. However, there are plans to change it to a Proof-of-Stake mechanism. This means people will be selected to add blocks based on how much ZEC they hold.
Zcash uses something called Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge, or zk-SNARKs, to help protect people’s privacy. Zk-SNARKs show that a transaction is valid without revealing anyone’s addresses or how much has been sent.
In terms of ZEC itself, it is used to pay for transactions on the network. People can also buy, sell, and trade Zcash on exchanges.
Is Zcash a Good Investment?
It is hard to say. While there is a theory that you should buy during the dip, we don’t know when Zcash’s dip will end, nor where it will get to.
Although the platform will move to a Proof-of-Stake consensus mechanism at some point, we still don’t know when. Keep in mind, too, that when Ethereum (ETH) underwent its change from PoW to PoS last year, its price barely moved. One might think that if a giant such as Ethereum did not benefit too much from a change, there is little hope for a smaller coin.
On the other hand, Zcash does have an active community base and comparatively transparent management. This means that there is some potential for growth.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in ZEC.
Will Zcash go up or down?
No one can really tell right now. While the Zcash crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Should I invest in Zcash?
Before you decide whether or not to invest in Zcash, you will have to do your own research, not only on ZEC, but on other, related, coins and tokens such as Monero (XMR). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
FAQs
Will Zcash reach $100?
It might do. According to price predictions based on technical analysis, it may reach a triple-figure level in 2026.
Keep in mind that ZEC has not traded at $100 since May 2022.
What is Zcash used for?
The ZEC coin pays for transactions on the Zcash blockchain. People can also buy, sell, and trade ZEC on exchanges.
Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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