In May, Bitcoin underwent its long-awaited block reward halving.
Since the halving, Bitcoin has gained 70 to 80 percent against the U.S. dollar, with an increasing demand for the cryptocurrency driving up its value.
This is why analysts are keeping a close eye on the first halving for Zcash, the Bitcoin fork launched by Zooko Wilcox that is focused on user privacy.
Each block reward halving or reduction has a diminishing effect on the market of a cryptocurrency, so Zcash's first halving is expected to be one of importance.
"Also a friendly reminder for ZEC halving in a month. Unlike BTC's 3rd halving which was completely overhyped the 1st ZEC halving probably matters."
Once the halving activates, miners of the $700 million cryptocurrency will see their block rewards cut in half, hence "Halving."
Assuming demand for ZEC holds up, the coin should increase in price over time, barring any supply shocks.
"Assuming miners sell all their ZEC as they mine it, they still have only historically made up less than 5% of ZEC daily trading volumes over the past year. The measure isn't perfect, but its a good enough proxy to show that miners may not be what's holding ZEC back."
Assuming miners sell all their ZEC as they mine it, they still have only historically made up less than 5% of ZEC daily trading volumes over the past year.
The measure isn't perfect, but its a good enough proxy to show that miners may not be what's holding ZEC back.
This $700m cryptocurrency is about to see its first halving six months after Bitcoin
Published on Nov 15, 2020
by Cryptoslate | Published on Coinage
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