For cryptocurrency, a discussion about the future of this or that coin isn’t an entirely strange phenomenon.
In fact, some people do question the future of cryptocurrency as a whole. However, no crypto commands as much attention as Zclassic (ZCL) concerning what the future holds for it.
Even the Zclassic community knows about this kind of constant to and fro exists. That’s why they had to publish an article on medium to clarify a few things.
Yet, days after the article came out, questions still abound. Especially asked is the question of what happens to its value post- Node shut down. The value of ZCL tells a sad story.
Okay, it may not look as such, seeing that the coin still trades at $4.18 according to stats on XBT.net at the time of writing. It may also have improved by +0.62 on the hour-to-hour chart.
Maybe that’s all the good there’s to say about its price in the last several days. For instance, Zclassic (ZCL) has a market high -32.46% drop on the 7-day charts. More significantly, its daily trading volume has shrunk to a mere $468,432 against a supply of 3,608,650 ZCL.
Consequently, its market cap has withered, now a frighteningly tiny $15 million for a coin that a few months ago, looked to be the go-to privacy platform.
Will the ZCL community keep it running?
The ZCL community may be determined to keep this coin in the market as they find ways of bringing it back to its former glory. Even then, one may be tempted to think that it’s a matter of time before it disappears. Could it be among the first major coins to die of?
Certainly, it looks so. I don’t know what it is the community could do to undo the damage done by the former team.
While moving shop to set camp at Bitcoin Private (BTCP), the ZCL team by then declared a timeline of shutting down the ZCL nodes. But that was just the beginning of ZCL’s downtrend that has been rather too fast. To further understand that Zclassic may have been doomed from the beginning, you need to go back to 2017.
The ZCL subreddit has a claim by one of the members that Nodes and Electrum servers have been set up to keep Zclassic coin going. While this might be the future of this coin, a revelation on Github that it could be used as a field lab for BTCP makes me think that ZCL is as good as dead.
Zcash fork didn’t turn out to be so successful
After its fork from Zcash, the much-hyped crypto didn’t actually pick up as expected. When it forked, the founder’s fee that is essential for development was dropped. We can say that the fork failed to get Zclassic going.
Rather than its price picking up, it flat-lined for most of that year, eventually dropping to a low of just $2. In contrast the price of Zcash (ZEC), from which ZCL forked stayed positive and is now trading at $218 according to stats on coimmarketcap.com.
Seeing that the crypto wasn’t successful, founder Rhett Creighton proposed the forking of Zclassic and Bitcoin to create Bitcoin Private. In the immediate aftermath of that announcement, the ZCL’s price spiked, shooting to a high of $199.26.
Well, that fork happened at the tail end of February this year. The sad thing is that not long after the BTCP snapshot on 28th February, ZCL plummeted from about $122 to $27 within hours.
And it has continued to tank ever since, now seemingly flat-lined again. Beginning 1st March, ZCL has dropped steadily and consistently.
It was priced at $27 on the first day of March, before shedding over 50% in a week to briefly trade at $13. The plunge has continued, with the general outlook being that it will not halt soon.
It doesn’t look particularly healthy to continue thinking that long-term, Zclassic (ZCL) will surge again. The captains abandoned ship long ago and this is a sure wreck. This is the time I would get off onto the lifeboat.