ZClassic (ZCL) price has appreciated by 7.93% against the US dollar in the last 24 hours despite a bleeding market that has seen the leading coins Bitcoin and Ethereum shed 2.67% and 2.70% to trade at a month’s low of $6,368.26 and $364.02 respectively. The effect has trickled down to other major players with most of the top 10 coins by market value trading in the red.
At press time, the ZCL coin was trading at $13.77 and seems to be holding in the short term. The coin is ranked 102 by market cap as per the CapMarketCoin official website. The coin opened the day at $12.67 and went down to a low of $12.49 before heading north to the day’s high of $13.98.
Why the Sudden ZClassic Price Surge
With the growing popularity among privacy coins, most investors seem to have realized the many opportunities that are unexploited behind ZClassic (ZCL). This is a Zach fork and has kept to its promise of keeping the user funds from any form of surveillance from a central body. With its promise of non-censored financial freedom and complete anonymity, the coin appears to be the next frontier for digital coin privacy seekers.
The ZClassic platform rides on the zero-knowledge that brings together privacy and transparency in all its transactions. The platform is community run and after the removal of 20% mining fee, miners are having their field day and this has eliminated the slow-start mining that is expected to accelerate the coin scarcity and ignite value growth.
ZClassic Building Investor Confidence
ZClassic has a very good history despite many privacy coins being seen as supporters of the dark web marketplaces. In order to protect the users, the platform deploys the SNARK public parameters where no participant can violate other user privacy. To achieve this level of privacy, the system generates private and public key and destroys the private one.
The coin has been quite dormant in the media since the fork rumor earlier in the year seems to die off. ZCL price has been on a wild roller-coaster and this has been attributed to its low supply in the market which the community is playing around with to create scarcity, price surge and growth in value. If the current spike is anything to go by, the value of ZL might be on the rise for the long haul.
However, it appears the announcement made in March his year still stands:
”As said in March, all work has stopped on #Zclassic. Nothing about this has changed. Any proposed fork you may hear about does not have widespread consensus. Please use caution before participating in any fork that is promising guaranteed returns or may sound too good to be true.”
ZClassic Hardfork that Never was
There is a lot of discontent among the community members with a good number still anticipating a hardfork while others have accepted the platforms’ status quo and moved on. The uncertainty has driven prospective investors away and the adoption rate has dropped drastically.
ZClassic price surges are always tied to the media and any positive news easily spurs the price north. The current price appreciation has been attributed to the platform privacy features and security. The platform privacy features are superior to those of Monero and ZCash and transactions speed and fees seem to favor privacy transaction seekers.
With the proposed regulations still biting hard in the market, ZClassic could be the next haven for users looking for platforms that are not exposed to central authorities’ censorship. The ecosystem offers a better value proposition to speculators given the fact that the ZCL low number of total coin supply; it is easy to reach high scarcity levels and make ZCL valuable in a few years.
With the unpredictable market, ZCL might not be the right platform for price speculation which will reduce its volatility and gain stability in the coming years. In the event that the coin forks, visibility through listing on major exchanges might decline and this will affect its circulation in the global market.