Zcash (ZEC) Price Prediction 2024: Will ZEC Hit $100 This Year?

Zcash’s ZEC token is currently trading for $33.23, marking a 12.4% increase in the last 24 hours, according to CMC data.

Cryptocurrency prices today: Top gainers and losers as BTC drops below $24k; ZEC surges 12% over MetaMask news

CMC Crypto data shows that Zcash’s (ZEC) price today is $33.23, up 12.4% in the past 24 hours. This comes after news that MetaMask will be allocating $150,000 to support the creation of a MetaMask Snap for shielded ZEC.

A member of the Zcash community proposed allocating $150,000 from the Zcash Community Grants to fund the creation of a browser-compatible library that would include essential features for web wallets and browser plugins. This project would serve as a stepping stone in the process of creating a MetaMask Snap.

Whoo-hoo! Zcash coming to MetaMask thanks to MetaMask and the Zcash Community Grants Committeehttps://t.co/jg5zARnGMW pic.twitter.com/6CqvEvqYb3

Following discussions, it was announced that MetaMask will be providing a $150,000 grant to support this initiative.

What is shielded ZEC?

When discussing ZEC transactions that utilize the cryptocurrency’s advanced privacy features to conceal transaction details, the term "shielded ZEC" is employed.

The identities of the sender, receiver, and the amount being transferred are all concealed during shielded ZEC transactions. As a result, no one can follow these transactions on the blockchain or determine the specifics of the transactions.

These transactions are underpinned by zk-SNARKs, which enable one party to demonstrate to another the veracity of a statement without disclosing any information beyond its validity. This technology powers the privacy features of shielded ZEC transactions.

Although shielded transactions are inherently private, Zcash provides the capability for selective disclosure. Without making the details public, users can disclose transaction information to specific parties (e.g., for auditing purposes).

The data's resistance to attacks and unauthorized access is enhanced by the encryption.

Who benefits from this integration?

Individuals and organizations that prioritize financial privacy will find shielded ZEC to be particularly useful. Businesses can use shielded ZEC to conduct confidential transactions, and the selective disclosure feature allows them to comply with regulatory requirements while maintaining privacy.

On the other hand, developing a MetaMask Snap that supports shielded ZEC transactions would greatly increase access to and utilization of Zcash's privacy features.

This integration can lead to broader acceptance and integration of Zcash in the wider crypto ecosystem. The overall user experience will be enhanced by simplifying the process of making shielded transactions.

According to technical indicators, ZEC is currently a strong buy. It has formed a golden cross, with the 50-day EMA situated well above the 200-day EMA. The RSI (14) is at 61.51, indicating a neutral state, but the coin would be considered overbought above 70. The next resistance level to watch is 34.558.

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