Altcoin Zencash had an eventful day today. Although this token has not yet been used anywhere, its price today received a good pump and subsequent reset over the past couple of hours. Although its price is still up 8.7% in 24 hours, the delay in listing on Binance has many wondering if this will end well.
Obviously, there is no real reason why ZenCash should cost $40, let alone the $50 mark its price reached earlier today. The news that Binance would list ZEN pushed the price of ZenCash from $32 to $50 in just three hours. Such a massive pumping is usually followed by a big haircut of hamsters, which is what has been happening in the last couple of hours.
At the moment, the cost of ZenCash is $36.84. This is still up 8.7% from 24 hours ago, which is inherently impressive. Especially considering that Bitcoin and other other currencies are now losing value. However, the upward trend in ZenCash prices appears to have run its course.
This was mainly due to the fact that the Binance exchange officially announced the postponement of the listing of the altcoin. The main reasons were speculation and sharp pumping, so the exchanger prefers to wait until everything calms down. This announcement was followed by a sharp decline in value, which may continue today.
ZenCash is not a popular altcoin. Its 24 hour trading volume is $41.116 million. This is not surprising, given that it did not have specific uses, unlike other known coins. Despite this, the altcoin has a very viable market, however it appears that the majority of its trading volume is directly related to today's pump.
At the moment, the price of ZenCash is still in the green, but people who are hoping for further growth will likely be very disappointed. Despite this, there are chances that today the price of ZenCash will remain around $30, which will not be bad. Nobody knows yet whether the situation will improve.
According to https://themerkle.com
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