The price of ZEC increased by around 20% over the last 24 hours, which certainly found help from the hype that surrounded its transition. The blockchain’s core protocol recently moved from Proof-of-work to Proof-of-stake.
The price of the blockchain keyed in at an intraday high of $188.80 on Binance after increasing for a couple of days in a row by more than 27%. The upward movement of the cryptocurrency also managed to negate a big chunk of the losses that it had gone through in the week before- in the wake of a downside retracement across the entire crypto sector.
ZEC Is In An Inflection Zone Currently
The price of ZEC also jumped after the main developer of the cryptocurrency, Electric Coin Company, went on to announce that it would be moving the protocol of Zcash from a Pow method of operation to a PoS method of operation in the next couple of years. The nonprofit also noted that the upgrade was bound to limit the downward pressure movement of the price of this altcoin by removing miners that work on liquidating the token for fiat or Bitcoin.
Josh Swihart, the Senior VP of growth at ECC, stated that the shift would also look towards increasing the overall utility of ZEC through the capabilities that would then move towards yielding generation through its staking procedures, along with a possible governance method of on-chain mechanisms for the holders of the cryptocurrency.
He also added that there were definitely other benefits of moving to a proof of stake which would allow the reduction of the energy footprint of this cryptocurrency- which would then provide a path to governance mechanisms, and support for the interoperability by addressing problems with a transaction finality.
The latest price movement of ZEC has led to it being a part of the inflection zone, which is quite prominent for its record of capping the rallies of this cryptocurrency.
