ZCash Price Prediction 2024: Can ZEC Survive Regulation?
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 $69.62 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 February 29, 2024, Zcash was worth about $29.75.
Zcash did not immediately respond to a request for comment.
But what is Zcash (ZEC)? How does Zcash work? Let’s see what we can find out, and also take a look at some of the Zcash Price Predictions that were being made as of February 29, 2024.
Zcash Coin Price Prediction
Let’s examine some of the Zcash price predictions being made on February 29 2024.
| 2024 | 2025 | 2030 | |
|---|---|---|---|
| Prediction #1 | $56.93 | $69.62 | $214.64 |
| Prediction #2 | $22.79 | $57.20 | $253.32 |
| Prediction #3 | $40.99 | $62.51 | $381.74 |
First, CoinCodex had a short-term Zcash price prediction that said that ZEC would drop to $27.67 by March 5 and continue its decline to trade at $23.09 on March 30. The site’s technical analysis was neutral, with 22 indicators sending bullish signals and 11 making bearish ones.
Zcash Price Prediction for 2024
DigitalCoinPrice said Zcash would reach $56.93 this year. CaptainAltCoin said it would drop to $22.79 in December. PricePrediction.net thought ZEC would trade at $40.99 in 2024.
Zcash Price Prediction for 2025
CaptainAltCoin said that ZEC would trade at $57.20 in 2025, while PricePrediction.net had it at $71.76. DigitalCoinPrice had a Zcash price forecast that saw the coin trade at $69.62 next year.
Zcash Price Prediction for 2030
Moving on to a more long-term Zcash price prediction, Bitnation thought it could reach $253.32 in 2030. PricePrediction.net thought it would stand at $381.74. DigitalCoinPrice said ZEC would be worth $214.64 by the start of the next decade.
It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.
Google Gemini AI Price Prediction for Zcash (as of February 29)
Google’s Gemini AI platform gave the following price prediction for Zcash on February 29. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligent price predictions are predicated on past performances and are in no way entirely accurate.
Short-term (next 3 months):
- Prediction: ZEC might experience a slight price decrease.
- Reasons: The current market sentiment leans towards “Extreme Greed” according to the Fear & Greed Index, and historical trends suggest potential corrections after such periods. Additionally, a recent Changelly prediction forecasts a decrease by March 1st, 2024.
Medium-term (next 12 months):
- Prediction: ZEC’s price movement is uncertain with potential for both growth and decline.
- Reasons: Several factors will influence medium-term price, including:
- Regulation: Stringent regulations could dampen investor confidence, impacting the price negatively.
- Adoption: Increased adoption by businesses and individuals for private transactions could drive the price upwards.
- Overall market conditions: The broader cryptocurrency market’s health will significantly influence ZEC’s price.
Long-term (next 5+ years):
- Prediction: A wider range of possibilities exists, with ZEC’s price potentially reaching between $20 and $76 according to CoinCodex.
- Reasons: Long-term predictions are even more speculative due to the highly dynamic nature of the cryptocurrency market. Factors like technological advancements, potential integrations with new platforms, and wider societal acceptance of cryptocurrencies could significantly influence ZEC’s price in the long run.
It added: “Remember, these are just possible scenarios, and the actual price movement of ZEC could differ significantly. It’s crucial to conduct your own research, consider your risk tolerance, and never invest based solely on predictions.”
Recent Updates from Zcash
On September 20 2023, Coinbase announced that the ViaBTC mining pool controlled 53% of Zcash’s hash rate. As a result, the exchange increased the amount of time it took to confirm a deposit from around 40 minutes to two-and-a-half hours. It also ensured traders could not place any market bids for ZEC, and contacted Zcash’s founders, the Electric Coin Company, and ViaBTC.
Coinbase said in a blog post: “To protect our users, Coinbase increased our Zcash network confirmation requirement, moved our Zcash trading markets into limit-only mode, and engaged directly with the Zcash team and mining pool operator to mitigate potential risks to the broader community.”
In early 2024, it was able to avoid being delisted by Binance. Monero, another privacy coin, was not so lucky.
ZEC Price History
Now, let’s examine some of the highlights and lowlights of the Zcash price history . While we should never take past performance as an indicator of future results, knowing what the coin has achieved can provide us with some very useful context if we want to make or interpret a Zcash price prediction.
ZCash first came onto the open market in the autumn of 2016. The coin was valued at an all-time high of $5,941.80 on October 29 that year. After that, though, it fell. The crypto bubble of late 2017 and early 2018 saw ZEC break past $700 in January 2018. After that, its price dropped and it spent much of the next three years under $100.
Early 2021 saw the crypto market flourish, and ZEC responded well. The crypto broke past $300 in May. It then went down and closed the year at $143.60.
2022 was a year that saw both Zcash and the overall crypto market struggle. A series of market crashes saw the price sink. At the close of play on December 31, it was worth $37.34. This represented an annual loss of nearly 75%.
ZCash in 2023 and 2024
2023 was another weak year for Zcash. Although it initially rose to a high of $51.14 on February 20, it was unable to keep up. ZEC reached a nadir of $23.20 on June 10. This happened after Crypto.com announced it had suspended its US institutional operations. In turn, this followed the news that the United States Securities and Exchange Commission was suing the Binance and Coinbase crypto exchanges.
There was some recovery after this. ZEC managed to reach $34.59 on June 30, but fell after that, sinking to a low of $24.04 on September 11. The middle of September saw a small recovery and, on September 20 2023, the coin was worth about $26. ZEC closed the year at $26.90. This meant it had dropped more than 25% year-on-year.
By February 29 2024, Zcash was worth about $29.75.
At that time, there were 16,328,269 ZEC in circulation, representing the total supply. This gave the coin market cap of about $486.8 million, making it the 142nd-largest crypto by that metric.
Zcash Price Analysis
ZEC has been in a bear market since May 2021. On February 9, 2024, it reached its lowest point of $19. After that, we saw a bounce and a recovery.
This could be the first uptrend in a new bull phase for Zcash, but further confirmation is needed. Its next resistance is at $35, so we might see some short-term upturn.
After the current rise ends, ZEC should establish a higher low above $25. Once that happens, we could see a new, more significant, uptrend with two higher highs as a five-wave pattern should develop.
Our next target is $53 but that shouldn’t be the end of the uptrend. One more higher high should develop, with ZEC potentially reaching $85.
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.
From the 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.
Zcash Attention Tracker
Here is a chart for the Zcash Google search volume for the past 90 days. This represents how many times the term “Zcash” has been Googled over the previous 90 days.
FAQs
Will Zcash reach $100?
It might do. Bitnation, DigitalCoinPrice and PricePrediction.net said it could get to three figures in 2025, 2026, and 2027, respectively.
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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