Today has been a rather interesting day for the Zencash altcoin. Although its use cases are still somewhat limited in nature these days, the ZenCash price got a nice pump – and subsequent dump – over the past few hours. The delayed listing on Binance quickly made people turn sour on this altcoin, even though it is still up by 8.7%.
The ZenCash Pump Failed
It is evident there is no real reason why one ZenCash should be worth $40, let alone $50 like it was earlier today. News regarding Binance listing ZEN effectively pushed the ZenCash price from $32 all the way to just over $50 in a matter of three hours. Such a massive pump is usually followed by a steady decline, which is exactly what happened in the past few hours.
To put this into perspective, the current ZenCash price sits at $36.84. That is still an 8.7% increase compared to 24 hours ago, which is impressive in its own regarding .Especially with Bitcoin and all other main currencies losing so much value this week, there is little room for high expectations. Even so, the ZenCash price momentum ran out of steam pretty quickly.
This is mainly because Binance has confirmed they are delaying the launch of this altcoin. Mainly because of the speculative nature and sudden pump, the exchange is waiting until things quiet down once again. It quickly made the ZenCash value drop from $50 to $36.84, and that may not be the bottom for today.
With just $41.116m in 24-hour trading volume, the interest in ZenCash is not all that spectacular by any means. That is not entirely surprising either, as ZenCash has no specific use cases that make it unique compared to other prominent altcoins. Even so, there’s still a market for this currency, but it seems the majority of trading volume is due to the pump which took place earlier today.
As of right now, Bittrex is the main exchange for ZEN trading volume. Upbit is in second place – although not with a fiat currency pair – and OKEx closes out the top three. With no other exchange generating over $1m in 24-hour trading volume, it remains a bit unclear why Binance would list ZenCash over some of the other alternative currencies with a higher trading volume.
For the time being, the ZenCash price is still in a good place, although people hoping for more will be sorely disappointed with how things are going right now. Even so, there’s a good chance the ZenCash price will remain above $30 all day, which wouldn’t be a bad thing either. Whether or not things will improve from here on out, is everybody’s guess right now.