Even though most cryptocurrency markets are still unsure which direction to head in, the current momentum doesn’t look particularly troubling either. For the ZCash price, things have started to look a bit bothersome, as its losses have piled up pretty quickly over the past few hours. As such, it will be interesting to see where this market heads next.
ZCash Price Woes Continue Unabated
It is always interesting to see how different cryptocurrency markets evolve under the current circumstances. While Bitcoin hangs on by a threat to stay in the green, some of the alternative markets are already feeling the pressure. ZCash is one of those markets, as it has noted steep losses in both USD and BTC value over the past few hours. Whether this is a sign of things to come or just a temporary dip, remains to be determined.
Over the past 24 hours, the ZCash price has lost 4% in USD value and 4.5% in Bitcoin value. These losses are quite similar to one another, although they may not necessarily remain in place for very long. If Bitcoin continues to buck the trend, the value per ZEC should increase alongside it. Overcoming the losses in BTC value, however, will be a very different matter altogether. It seems unlikely any altcoin or asset will gain on Bitcoin over the coming hours.
When looking at social media, it seems ZCash is not necessarily a topic of conversation right now. One of the discussions still taking place is whether or not ZCash will make its way to the Coinbase exchange in the near future. There will be additional assets listed on this platform moving forward, yet the company has not officially confirmed which currencies they are looking at. ZCash has as much chance of being added as anything else at this point.
— Yi Min #coinex (@YCoinex) December 10, 2018
For those who already own ZEC but don’t know what to use it for exactly, OpenBazaar may be an option. The popular decentralized marketplace solution supports ZCash transactions, and it seems there is a new blog post which focuses specifically on the upcoming holidays. Although it remains unlikely this will cause ZCash to be used more as an actual currency all of a sudden, there are some options to be explored at all times.
What’s an OpenBazaar user to do when they find themselves already in December & they still need to buy some gifts and/or squeeze in a few more sales? Check out The OpenBazaar Shopping and Selling Survival Guide – Last Minute Holiday Edition https://t.co/edQ3guJvyZ #BTC #BCH #ZEC pic.twitter.com/TeSSUBiXQk
— OpenBazaar (@openbazaar) December 9, 2018
As is always the case when it comes to dealing with altcoins, there will be some interesting arbitrage opportunities. In the case of ZCash, there are a few options to make some good money without putting in too much effort. Exploring these price gaps is always worthwhile, specifically during a more bearish market stint like ZCash is going through right now. After all, most people get involved in cryptocurrency for profits more than anything else.
Buy at #Bittrex and sell at #Bitfinex. Ratio: 1.98%
Buy at #Bittrex and sell at #HitBTC. Ratio: 2.44%
Buy at #Gate.io and sell at #HitBTC. Ratio: 2.95%#bitcoin #arbitrage #arbitraj #arbingtool https://t.co/xiFUPzcOcC
— Arbing Tool (@ArbingTool) December 10, 2018
Although the current ZCash price sentiment is bearish first and foremost, there is nothing to be overly concerned about at this time either. This current market trend is entirely to be expected, as it has been brewing for quite some time now. As such, it seems there will be a temporary downtrend, albeit it can easily turn around when people least expect it. For now, patience is key, as the coming days and weeks may offer some interesting changes.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.