Numerous cryptocurrencies have lost value throughout 2019. When looking at the ZCash price, it has become apparent the bull run in June and July ultimately resulted in an even bigger drop. The altcoin has reached lows which haven’t been touched before.
Where is the ZCash price Headed?
It has been a very mixed year for all of the cryptocurrencies. If Bitcoin fails to sustain any real price growth, alternative markets will often fare far worse. The ZCash price is an interesting example in this regard. There was a very bullish period earlier in 2019. However, ZEC is now a tits lowest value in history, dropped below the lowest values recorded since the altcoin’s inception.
When ZCash was first tracked in late 2016, its value sat at an astronomic level of $1,326. It quickly bottomed out near $29 in the weeks to come. Ever since, there has been a seemingly extensive uptrend. At its peak in early 2018, the ZCash price spiked to over $700 again. Those values have not been reached ever since. In fact, ZEC has continued to go down a slippery slope ever since.
It is quite interesting to take note of this ZEC trend. It is one of the most liquid altcoins when comparing its trading volume with its market cap. Especially with this low ZCash price, there is plenty of interest in buying and selling ZEC. That volume alone is only driving the value down even further, by the look of things.
Most of the ZEC trading volume stems from LBank’s USDT, BTC, and ETH pairs. MXC offers another USDT pair, whereas LAtoken’s BTC market can also be found in the top 5. There is no stack of sell orders on either exchange, yet the Zcash price isn’t moving up in the slightest.
Surprisingly, there doesn’t appear to be any reason for this ongoing downtrend. While ZEC has always faced adversity since day one, it does not appear any sort of news is driving this negative market pressure in 2019. Unfortunately, that also means there is no real chance of an immediate market reversal.
Some traders may look at it as Zcash being oversold beyond epic proportions. There may very well be some truth to that aspect, albeit it remains to be seen how the situation evolves. Restoring the current ZCash price to a more normal value doesn’t take that much money, but it is unclear if anyone is willing to take the plunge on this altcoin. Catching a falling knife is never an advisable course of action.