The second day into the week is proving to strengthen the recovery as crypto markets are once again trading above $400 billion. Bitcoin has led the way back up with a 2.6% gain on the day to trade at $8,730. A push towards and over $9k could result in strong gains however technical indicators are currently showing mixed signals. Altcoins once again are mixed during Asian trading but most of them are in the green to some extent, some even in double figures. One racing off ahead of the pack during the morning’s session is Zcash.
Coinmarketcap reports Zcash trading 39% higher on the day which is a massive increase in comparison to its brethren. Currently trading at $348 ZEC is pumping at the moment, up from $249 this time yesterday. Over the week this privacy based altcoin has shown a gain of 18% from $288 this time last Tuesday. Monthly gains have been over 50% from around $225 this time last month, mostly aided by the huge spike a few hours ago. Against Bitcoin ZEC is up 32% on the day to 3905310 satoshis from around 2954000 stats this time yesterday. Weekly gains have seen ZEC climb 26% on BTC from around 3070000 satoshis this time last week.
The big pump has come from news that the Gemini Exchange will be supporting Zcash as the first licensed exchange for the altcoin;
We are excited to announce that Gemini is now the world’s first licensed Zcash exchange! https://t.co/96Ic0z9pyR pic.twitter.com/F7VbUEf672
— Gemini (@GeminiDotCom) May 14, 2018
Gemini is owned by the Winklevoss twins who have become crypto personalities in recent months making billions out of Bitcoin they bought back in the day.
Zcash is traded across multiple exchanges with Bitfinex and Binance taking over 20% of the share each. Trade volume for ZEC has spiked over the past few hours by over a thousand percent from $29 million to $342 million. Its market capitalization has taken a boost from this and is now $1.3 billion which has lifted the coin back into the top 25 at 23rd spot.
Total crypto market cap has climbed almost 4% in the past 24 hours and is currently at around $406 billion. The bears are currently not strong enough to overcome the markets and send them back down again. There are a couple of other altcoins performing well during the morning’s Asian session and they include VeChain up 12.4%, Icon up 10.5%, and Qtum up 10.3%.
More on Zcash can be found here: https://z.cash/
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and possible fundamentals.