Cryptocurrencies continue to recover from the recent market collapse, and for the first time this week, privacy crypto, ZCash trades above the $80 mark. The last three months have taken a toll on the price of ZCash, however, things are beginning to look better for the privacy-focused coin.
Performance of ZCash (ZEC) in the Market
ZCash (ZEC) took a major hit as the crypto market crumbled last week. On Sunday, November 25, ZEC traded for as low as $60.70 with its market cap dropping under $400 million for the first time in 15 months. However, things are now looking better for ZCash as the bulls take control of the market.
As of this writing, ZEC is trading at a high of 3.6 percent above the U.S. Dollar with a value of $80.47. ZCash remains the 19th most valuable digital asset with a market cap of approximately $430 million.
Over the last 24 hours, ZCash has recorded trades of over $150 million. Over 80 percent of this volume comes from its pairing with the South Korean Won (KRW) on Bithumb. The ZCash success story continues outside the market with a charitable project.
ZCash and AirTM to Give $1 Million to 100,000 Venezuelans
AirTM, a digital wallet provider based in Mexico and ZCash one of the leading privacy cryptos have partnered to raise funds for Venezuelan citizens battling with hyper-inflation. The partnership will attempt to raise $1 million for 100,000 Venezuelans as part of #GivingTuesday.
Although Venezuela holds one of the world’s largest oil reserve by volume, poverty and inflation reign supreme. The South American nation currently has the highest inflation rate in the world. The nation’s inflation rate is predicted to reach 1 million percent before the end of this year.
As at the time of this writing, 1 USD is worth around 248,567.75 Venezuelan bolivars. At the start of the year, 1 dollar was valued less than 1,000 bolivars. Because of the nation’s hyperinflation, cryptocurrencies, particularly stablecoins have become popular as citizens try to secure what they have left. Now, the partnership between Zcash and AirTM is looking to help these citizens.
This project was pledged by AirTM at #GivingTuesday and will raise $1million which will be shared amongst 100,000 Venezuelan citizens. If you do the math, it means $10 per recipient.
While it doesn’t come out as much, given the value of their currency (1 USD is worth around 248,567.75 Venezuelan bolivars). This little funds should help recipients to pay rent or buy essential goods like food, clothing, and medicines as Christmas approaches.
$1 Million to Be Raised and Airdropped
AirTM has announced that the funds will be raised through a crowdfunding and will be airdropped. The website for the crowdfunding is airdropvenezuela.org, and everyone is welcome to contribute to the project. AirTM has revealed that Zcash has donated a “sizeable amount”, the specifics of the donation remain anonymous.