This Monday started of with a bearish tone as many of the big gainers of last week are having a downward slide. However, Zcash (ZEC) and Bytecoin (BCN) have shown resistance against the bearish market and are among the only two gainers of top 25 coins. At the time of press, rest of the market is all red including XRP the biggest gainer of last week which is down up to 8%, ADA is down up to 5% and other top coins are feeling the heat of bearish market. Where as Bytecoin have gained up to 15% and Zcash have gained up to 8%.
At the time of press, according to CoinMarketCap, the coin was trading at price of $142 USD with a market cap of $693 million USD. The last 24 hour trading volume of ZEC was 1060 BTC on Binance, one of the biggest cryptocurrency exchange platforms in terms of trading volume. However, on CoinMarketCap its volume was around $142 million USD. In last two days the price has moved up from $123 USD to $142 USD which is a huge rise. For investors, it is a good time to invest because gaining more than $20 USD in two days is a huge sign of good things to come for the buyers.
The certain reasons behind the rise of the coin is that the Ethereum co-creator Vitalik Buterin said that ZEC can help ETH scale to 500 transactions per seconds. This recent announcement can be one reason in the rise because when someone from a big brand says something about you it gives you a lot of boost and that’s what has happened with ZEC. But the main reason is it,s privacy, when compared with bitcoin, Zcash gives an additional option of prime security layer and this privacy feature accounts for the larger percentage of new Zcash adoption.
At the time of press, BCN was trading at a price of $0.002 USD and had a market cap of $422 million USD. The last 24 hour trading volume of BCN was 492 BTC on Binance, and on CoinMarketCap its volume has gone up to $6 million USD in last 24 hours. In last two days the price of BCN has significantly moved up from $0.001 USD to $0.002 USD which is again a huge rise just like ZEC.
Bytecoin is up by almost 10 times since it was listed on Binance Exchange. This shows that there is some kind of traction in the digital coin. The volume of BCN has also gradually increased, in result it is gaining way more attention then before. Most of the investors are trying to stay away from bytecoin due to hype created by recent listing, however, there are enough buyers which lead BCN to an increase in the price.