The Zcash (ZEC) price has increased by around 45% in the last 30 days. The project’s founder Zooko Wilcox’s hints about the Proof-of-Stake (PoS) transition stand out as one of the key factors behind this price increase. These developments have caused the price of ZEC to rise.

Last week, the Zcash (ZEC) price picked up where it had stopped, reaching a new yearly high on August 12. On that date, the privacy coin rose to $45.45, which was ZEC’s highest level this year and its highest since March 2023. Zcash has gained nearly 45% over the past 30 days, making it one of the best-performing altcoins in early August. On July 15, ZEC was trading at $28.54, but has seen a notable increase since then.

According to analysts, this increase cannot be explained solely by increased buying pressure or general market interest. The main reason behind the increase is speculations about Zcash’s transition from Proof-of-Work (PoW) algorithm to Proof-of-Stake (PoS) algorithm. Zcash, which traditionally uses the PoW algorithm similar to Bitcoin (BTC), attracted attention on August 10 when its founder Zooko Wilcox hinted at the transition to PoS. Wilcox stated that the creation of new ZECs with PoW has put downward pressure on the price over the years and that the recent uptrend is starting to reverse.

Wilcox stated in a statement on Medium that the transition to PoS aims to reduce the production of new tokens, which will alleviate the downward pressure on the ZEC price. The founder made the following comments on how PoS will positively affect the value of the cryptocurrency:

“It will allow people to stake their ZEC, which will increase the demand for ZEC. Additionally, locking up staked ZEC will reduce the supply of ZEC.”

Supporting Wilcox’s supply concerns, Messari data shows that new Zcash issuances have reached 157,000 tokens at the time of writing. On July 1, that number was below 70,000, suggesting a significant increase in the amount of tokens in circulation.

From a technical perspective, the daily chart shows that ZEC has been forming Lower Highs (LH) since July. This pattern shows that the price has been offering strong support almost every time it has gone up. Furthermore, the Exponential Moving Average (EMA) is an indicator used to better understand the price trend of ZEC. When the shorter-term EMA is above the longer-term EMA, it indicates an uptrend, while the opposite indicates a downtrend. On July 14, the 20-day EMA (blue) broke above the 50-day EMA (yellow), forming a golden cross. This usually confirms the bullish outlook and strengthens ZEC’s upward momentum. The fact that the shorter EMA continues to outpace the longer one indicates the potential for more gains. If this trend continues, the price of ZEC could reach $46 in the short term.

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