The sideways market is over and the bears are in full control. A wave of panic selling seems to have washed across crypto land once again and markets have hemorrhaged $27 billion in 24 hours. Bitcoin has plummeted below the psychological $8k barrier and shed 4.6% on the day trading at $7,930 at the moment. Further losses look inevitable. Altcoins as usual have all collapsed, many losing double figures in the last few hours. Only one is in the green in the top 50 at the time of writing and that coin is Zcash.
Coinmarketcap is reporting a paltry gain of 2.8% on ZEC but it is a gain nevertheless while all around it have crashed. Zcash is currently trading at $330, up from $319 this time yesterday. On the week there have been no gains as this coin was trading at the same level last Wednesday. The monthly picture shows a gain of 22% for ZEC from $270 this time last month. Since Bitcoin has fallen below $8k ZEC is up 8% at 4166700 satoshis from 3855000 sats this time yesterday. Over the month Zcash has gained 35% on BTC from 3075000 satoshis this time last month.
Zcash is traded across a range of exchanges with Bitfinex and Binance being the two most popular. Trade volume over the past 24 hours has doubled from $85 million to over $170 million. Market cap for ZEC currently stands at $1.3 billion positioning it at 21st in the charts.
Overall crypto markets have plunged 6.4% in the past 24 hours to $353 billion, bearish pressure is still strong so further losses are looking likely. All altcoins have been hammered today with Cardano, Monero, Bytecoin and Icon taking the biggest hits.
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.