The zcash price spiked to $345 on Monday after cryptocurrency exchange Gemini announced that it will list the privacy-centric cryptocurrency for trading next week.
Zcash had entered the day trading just above $250, and it traded close to this mark until shortly after 8:00 UTC. At this point, the zcash price experienced a sudden spike to $345.
The coin was not able to sustain this level, and it has since ebbed to a present value of $306. Nevertheless, this represents a single-day increase of more than 22 percent, and it has raised the zcash market cap above $1.2 billion.
Notably, zcash is trading at a $16 to $18 premium against the South Korean won, though Korean exchanges currently account for a small percentage of ZEC’s global volume. In fact, zcash trading is fairly well-distributed for an altcoin, as no single exchange hosts more than 21 percent of the coin’s approximately $223 million in daily volume.
The zcash price rally occurred directly after New York City-based cryptocurrency exchange Gemini announced that it had received approval from the New York Department of Financial Services (NYDFS) to add three ZEC markets, which will open for trading next Tuesday.
Zcash will be just the third cryptocurrency listed on the exchange, which was founded by Cameron and Tyler Winklevoss. Gemini has also received NYDFS approval to list bitcoin cash and litecoin, though it has not yet announced when these assets will be added to the platform.
Gemini users will initially be unable to withdraw their coins to shielded addresses, but the fact that the NYDFS — widely-considered to be one of the most stringent state-level cryptocurrency regulators in the US — would give the exchange explicit approval to list the privacy-centric cryptocurrency is significant, as these coins are often criticized for providing criminals with tools to facilitate money laundering. This development could bode well for other privacy-centric cryptocurrencies, including monero.
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Last modified: May 20, 2020 8:48 PM UTC