Zcash, the 21st-largest cryptocurrency with a market cap of more than $1.4 billion, jumped more than 50% this week, according to CoinMarketCap, pushed by the news that the Gemini exchange will list the cryptocurrency next week.
The New York Department of Financial Services approved Gemini’s request to add three ZEC markets – ZEC/USD, ZEC/BTC and ZEC/ETH – making it the exchange’s third cryptocurrency. The exchange already supports trading pairs for ether and bitcoin. Gemini has also been approved to list bitcoin cash and litecoin, but it has not said when these cryptocurrencies will be added.
The New York department’s approval bodes well for zcash, as the state is considered by many to be one of the strictest regulatory bodies in the U.S. Tyler Winklevoss, Gemini CEO, said zcash brings the strength of its privacy, an advantage that bitcoin lacks.
The zcash price jumped from $248.22 to $381.43 from May 13 to 15. After dipping to $308.47 on May 17, the price was back to $377.56 the next day with a market cap of just under $1.5 billion,and was back down to $355.65 today. The cryptocurrency has seen $181 million in volume in the last 24 hours.
That said, the zcash price remains well below the all-time high of $876.31 it reached on Jan. 7, which gave it a $2.635 billion market cap. The price then tumbled to $187.78 by April 8 before mounting a recovery to its current price.
Also read: Winklevoss-led Gemini becomes ‘world’s first licensed Zcash exchange’
A Standout Performance
Zcash’s performance stood out among altcoins for the past week, as the cryptocurrency market lost more than $42 billion in a three-day period. On May 18, bitcoin fell below the $8,000 mark for the first time since the middle of April.
Brian Kelly, BKCM founder and CNBC Fast Trader contributor, said the market did not reflect the positive news that Morgan Stanley, JPMorgan, Goldman Sachs and the New York Stock Exchange acknowledged they would create cryptocurrency platforms to allow clients to invest in cryptocurrency.