The price of Bitcoin, the largest and most popular cryptocurrency in the market, has suffered a beating in the past few days following the raid of South Korean cryptocurrency exchange UpBit on Friday.
While Bitcoin prices affect the prices of other cryptocurrencies like Ether and Ripple not all has followed its descent. Although Bitcoin’s price dropped to $8,500 on Tuesday after nearly going back to $9,000 on Friday, the price of Zcash, on the other hand, went up.
The unexpected jump came after cryptocurrency bulls Tyler and Cameron Winklevoss gained regulatory approval to add Zcash on the list of its Bitcoin exchange, Gemini. Since then, Zcash’s price has surged 47% to $364, adding approximately $462.8 million to Zcash’s current $1.5 billion market capitalization. Gemini, which is now the first licensed Zcash exchange, is planning on allowing Zcash trading starting Tuesday, May 22.
In a statement announcing the approvals, the Winklevoss twins zeroed in on Zcash and how it can co-exist together with Bitcoin. Although Bitcoin is often portrayed as highly private, it still shows from where and to where the funds are moving—making it easy for those with basic computer skills to track it. On the other hand, Zcash was created as a ‘more private’ cryptocurrency and encrypts transactions.
And even though Zcash may seem quite appealing for the criminal underground, ordinary individuals may also have sensible reasons to hide payments from others. For example, a doctor’s visit or purchasing a surprise anniversary gift.
“Zcash picks up where Bitcoin left off,” Tyler Winklevoss, Gemini CEO, said Monday. “Bitcoin has many strengths, but privacy is not one of them,” he added.
Together, the Winklevoss twins own an estimated 120,000 Bitcoins as of January this year. We have yet to find out if the brothers own some Zcash.
“Bitcoin and Zcash are two revolutionary technologies vying for different mantles, Bitcoin being digital gold and Zcash being digital cash,” Cameron Winklevoss, president of Gemini, added.