The price of the privacy oriented digital currency zcash traded below $30 on most of its major exchanges yesterday, a first for the publicly traded blockchain token launched last October.
The cryptocurrency, which leverages zero-knowledge proofs called zk-SNARKS, has spent more than 16 hours below $30 today and fallen to as little as $27.83, CoinMarketCap data reveals.
At the time of report, zcash was trading at $27.93, a roughly 6.5% drop in the 24 hours.
Zcash first tested $30 on 13th February, falling to as little as $30.11. However, traders soundly rejected this attempt, causing zcash prices to reach $30.66 that day.
Since then, more tests have been made by traders, though none have been successful in pushing the price through the $30 mark.
Relative price stability
The latest price decline fits into the broader narrative of the cryptocurrency, which launched with sky-high expectations late last year and is still very much seeking to build an initial batch of users and a supporting market.
Overall, the privacy oriented digital currency’s price has been relatively stable over the last few months, following a period of wild volatility when the currency went live in late October.
Zcash tokens surged to roughly 3,300 BTC (more than $2m) on some exchanges around that time, though this was due to their initial scarcity and slow release.
The price fell below $100 within a month, and has since dropped below other key levels such as $50, following a slow downward trend.
Depending on how long zcash remains below $30, it could build resistance at this particular price level.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Zcash Company.
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