Will Zclassic (ZCL) hold? Prices are low and diving fast.
I won’t advise you to sell, and definitely not asking you to buy. What I am telling you is that the ZCL price may not be going up anytime soon.
In fact, the opposite could be quite true: the ZCL price may continue to tank and the bottom may not be a long way off. This appears to be the situation, at the very least because the BTCP development team announced that they would cease Zclassic development.
Why? Ask it this way: Does the Zclasssic coin have a future? Then consider this tweet the official ZclassicCoin
What the tweet doesn’t tell you is that a decision about Zclassic has been made and you shouldn’t be holding BTCP instead. Let me tell you why holding onto ZCL won’t do you much good in the short term.
ZClassic is shutting down or at least until a new developer comes on board. And therefore, anyone can see that prices will tank for the foreseeable future.
Boitcoin Private, the recent fork of Zcash and Bitcoin is awaiting listing on a trading exchange and if that says anything, it is the fact that your bag of ZCL may not be worth much sooner than you can imagine.
Zclassic released a statement titled “The Future of Zclassic” on Wednesday 7 March, 2018. The report came out to address rumors concerning the future of the Zclassic project. It is alleged that rumors circulating suggested that Zclassic had been handed over to a new team. That is refuted and the statement that was released on Medium states…
“As of now, no development team has approached us to discuss further development of the project nor does the Bitcoin Private team intend to continue active development. Furthermore, we have no intention of handing the project over to a new team without significant experience or a comprehensive development plan.”
So if you are wondering what the future holds, the statement brings it out in black and white. There are short term and long-term implications. One clear resolution is that, short-term, Zclassic nodes will only be operational up to the end of March before being shut down.
Even though the DNS seeder will remain active, and that the Zclassic community will take charge, lack of a developer team or reliance on the Bitcoin Private developers to fix bugs isn’t good enough. More on that in a moment- Short-term still…
You will have to get the new ElectrumX Discovery before April 1 as the old Electrum wallet will be shut down. And just like the protocol, the community is expected to take up the running of ElectrumX servers. It’s good to know so that as a holder of ZCL, you are prepared for any eventuality.
What about the long-term implications?
Long-term, a Zclassic Project Proposal process will be set up. Here, teams who wish to take up the Zclassic project will submit their proposals for consideration. The proposals will then be vetted by the BTCP team on June, 2nd with the winner being made public on 1st September, 2018. If there isn’t a “winner”, then the process will restart. Meanwhile, the BTCP team will continue to apply critical fixes in case of “blockchain-breaking bugs.” Is this reassuring to you as a ZCL holder?
If that hasn’t, then I doubt the price charts will do in the short-term.
ZCL price swings continue
Price swings and massive value flops are all a common occurrence in the cryptocurrency world. It is part of the reason several authorities have cautioned investors against putting money in virtual coins. They could be right, because by default, cryptocurrency price valuations are born out of speculation. Yet that is the beauty of it all. A coin on the floor this evening could be soaring tomorrow morning. In all likelihood, ZCL can still hit its ATH.
How does it look for ZCL today?
At the time of writing, ZCL was trading at $10.60 a slight drop from the opening price of $11.44. Its market cap also shrank from $ 39.7 billion to just above $36.8 billion. But it’s in the 24h trading volume that ZCL has really surprised. Yesterday, $18,260,100 was traded compared to today’s $8,575,000.
Charts courtesy of coinmarketcap.com
A look at the 7-day charts reveals a similar scenario. ZCL achieved a high of $21.41 and a market cap of $74 billion on 7th March. The same day its total 24h trading volume was $41,840,800.
If you take that into consideration, then it appears the statement may not have reassured the public concerning the future of Zclassic (ZCL) or maybe the investors are holding on for a better price. In any case, the shrinking daily volume is testament to the bearish outlook for ZCL short-term. If you bought ZCL to get BTCP airdrop, you probably paid a price. What do you do? Do you sell and cut your losses or do you hold? Heck, some are even suggesting it’s time to buy!