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As the month draws to a close and it’s time for balance sheets, let’s take a look together at who is going up and who is going down among some of the most interesting crypto assets such as Bitcoin Cash, a fork of Bitcoin, Monero and Zcash.
Analysis of the crypto assets Zcash, Monero and Bitcoin Cash
January has been a golden month for many cryptocurrencies but while the early days were hinting at a miracle with the whole picture green and in some cases 50% recoveries, this past week there are those who have pulled the brakes and those who have even changed course.
Let’s take a closer look at some crypto assets such as Monero, Zcash and Bitcoin Cash.
Zcash (ZEC)
The crypto that was founded by Zooko Wilcox is a dual currency in the sense that it offers two different types of addresses.
Transparent addresses are visible on the chain whereas Zcash is a cryptocurrency that offers two types of addresses: transparent addresses that are publicly visible on the blockchain and private addresses that are not.
Zcash disburses 20% of mining revenue (Proof of Work) to fund three branches of the project.
8% of the above 20% went to Zcash Community Grant, 7% to support the Electric Coin Company, and 5% to support Zcash’s foundation.
As mentioned in the introduction, this week some cryptocurrencies have pulled the brakes and among them is Zcash which loses 6.33%.
The token today is losing an additional 6.54% from yesterday and is at €40.94.
As of today there are 16,250,231.25 ZEC in circulation.
Monero (XMR)
Monero, as happened to Zcash, is also slowing down, the price is €169,120, down 1 %.
The trading volume is €83,412,264, 25th in Market cap with €3,058,243,118.
The token is fifth in performance among the thirty most capitalized crypto assets, but in 2022 it recorded a loss of a quarter in value so 2023 had brought a welcome breath of fresh air for investors.
Last year Monero had started off just as well and held for quite a while before beginning a long decline just after spring.
In a short time, Monero managed to leave more than half of its market value on the field (two months).
Volatility throughout the latter part of last year was the undisputed star and permeated Monero as well.
In the latter part of the year, the token regained some ground, losing a total of only (so to speak) 23.3%.
Monero, aims to ensure the privacy of both the sender and the receiver of value to or from the funds.
Bitcoin Cash (BCH)
Bitcoin Cash is one of several “forks” of Bitcoin and it occurred on 1 August 2017, resulting in increased transaction capacity so as to be more functional in everyday exchanges.
This new version manages to more effectively integrate transactions by being able to process more at the same time so as to speed up the process.
Bitcoin Cash is much more scalable since the blocks of the Chain are larger (from 1 MB BTC to 8 MB), they can contain more transactions executed per day and consequently make everything faster.
According to some detractors, blocks with a larger size will lead to the centralization of the creation of Bitcoin Cash, since larger blocks require more advanced hardware that is not accessible to everyone.
In doing so, according to these critics, miners who will be able to afford to mine will be fewer and fewer and the activity will be concentrated in fewer hands.
The price of Bitcoin Cash in the meantime has fallen in the last week by 2.41% and as of yesterday by another 3.36% bringing it to €120.75 per BCH with a circulating amount of 19,298,000.