Here’s Why Zcash (ZEC) Has Surged Over 30% in the Past 24 hours
Zcash (ZEC), a privacy-centered altcoin has surged over 30% in the past 24-hours, rising from a daily low of $154 to $188. The sudden spike in price in the altcoin at a time when the majority of the market is still recovering from last week’s correction is being attributed to the major mining consensus upgrade and to some extent Barry Silbert, the CEO of the Digital Currency Group which is the parent company of world’s largest digital asset manager Grayscale.
Jack Dorsey, the CEO of Twitter and founder of Square is a well-known Bitcoin proponent, and his decentralized Bitcoin exchange project called TBD has started to materialize. Dorsey announced his Bitcoin-based Defi plans a couple of months ago, and earlier today the official account of TBD shared a white paper marketing the beginning of the project.
The crypto-famous, online electronics retailer, Newegg has caught the attention of the Shiba Inu community with its exclusive tweet mentioning the developer Shytoshi Kusama, along with SHIB’s official Twitter account, seeking a conversation.Since that tweet, the Shiba Inu community on Twitter has flooded the market with speculations of yet another commercial giant enlisting $SHIB for payments.
Elon Musk is well known for his Twitter antics because of which he is often referred to as the “richest troll” out there. The latest in the series of his outlandish meme tweets brought the discussion back to Bitcoin where Musk mockingly responded to one user that “Bitcoin cures cancer.”
Dogecoin price forms a descending triangle pattern, hinting at 31% correction towards $0.1516. The bearish MACD and the position of the 100, 50 and 200 SMAs above the DOGE price show that recovery faces significant resistance upwards.
As the broader cryptocurrency market poses some healthy recovery, the world’s second-largest cryptocurrency Ethereum (ETH) has bounced more than 6% moving past $4,300 levels. On Friday, November 19, the ETH price took a momentary dive under $4,000 correcting more than 15% from its all-time high levels from last week.
The ENJ token presented an impressive recovery from its minor retracement phase. The token surged around 50% from this week’s low and has also breached the All-Time High Resistance of $3.53. The token price sustaining above this resistance should initiate a strong rally in ENJ.