©Reuters.
The cryptocurrency market has seen varied activity between different coins, with ZClassic (ZCL) and Zcash (ZEC) seeing varying fortunes over the past week. ZClassic, a digital currency that uses the Equihash hash algorithm, saw a notable 0.6% increase against the dollar, culminating with a weekly rise of 14.1%. In contrast, Zcash, which shares the same hashing algorithm and is often compared to ZClassic, saw a 5.8% decline against the dollar.
Cryptocurrency investors interested in ZClassic and Zcash cannot directly purchase these coins with US dollars. Instead, they must first acquire major cryptocurrencies like Ethereum or Bitcoin, which can then be exchanged for ZClassic and Zcash on various exchanges. This extra step is common for many altcoins that are not as widely available as their larger counterparts.
Zcash, at press time, was trading at $26.79 or 0.00063292 BTC, with a market cap of $437.47 million. The broader cryptocurrency market has also shown diverse trading activity, with coins like Bitcoin Gold (BTG) and Horizen (ZEN) seeing market moves of their own.
Although they have technological similarities, each coin’s market conditions and investor sentiment can lead to different results.
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