ZenCash Spikes More Than 50% on Binance Listing

The price of the privacy-focused digital coin retreats after the initial hype.

by Siana
23 May • 1 min
In Markets

ZenCash (ZEN), a lesser-known privacy-focused cryptocurrency, jumped more than 50% early Wednesday morning (UTC time) in a red-colored market after Binance, one of the major crypto exchanges globally, announced it is adding the coin to its trading platform.

Binance opened trading for ZEN/BNB, ZEN/BTC and ZEN/ETH pairs at 7:30 UTC on Wednesday, two hours later than initially announced, as its listing announcement a few hours previously led to high congestion on the ZenCash network and Binance waited for it to stabilize.

During that time, the price of ZEN, which trades on seven other exchanges, leapt from USD 33 (at the close on Tuesday) to as high as USD 50.50 at 3:54 UTC on Wednesday. After the initial hype, it lost some steam, retreating to about USD 39 at 9:19 UTC, still nearly 20% above Tuesday’s close.

With the rise, ZEN entered the list of the 100 biggest coins, where only two other tokens were trading on a positive territory on Wednesday morning. ZEN's 24-hour trading volume was nearly USD 40 million, ranking it among the top 30 most traded cryptocurrencies.

ZenCash is a decentralized privacy-oriented Proof-of-Work (PoW) cryptocurrency, built on zero-knowledge cryptography and modified Satoshi consensus. It was launched in May 2017 as a fork of Zclassic, which is a fork of Zcash. ZEN hit an all-time high of more than USD 65 at the beginning of January, when the whole cryptocurrency market was thriving and many other coins enjoyed their peaks.

In its whitepaper, ZenCash describes itself as a “full peer-to-peer economic system for money, media and messaging” that “goes well beyond a traditional cryptocurrency” as it allows “a broader set of communications, file-sharing, and economic activities”. Users can choose between a fully private address and a pseudonymous one (like that of Bitcoin) to store their money and data or transfer them. The system features also a Transport Layer Security (TLS) cryptographic protocol for client-to-node and node-to-node encryption to further protect user data and connections.