These price fluctuations took place amid relatively modest trading activity, as 24-hour volume did not reach $1.6 million at any point during the session, according to CoinMarketCap.
Within a few weeks, Zcash prices had declined to 1 BTC. Now, their steady, downward movement continues.
Zcash (ZEC) fell below $50 for the first time on 6th December, building upon the steady losses it has suffered since going live on 28th October.
The cryptocurrency briefly rebounded, hitting $50.71 some 30 minutes later, but at the time of reporting, ZEC tokens had fallen back below the $50 and were trading at sub-$48 levels.
Zcash prices have experienced some sharp declines since the digital currency went live on 28th October, when ZEC surged to roughly 3,300 BTC (more than $2 million) but dropped to 48 BTC the same day.
ZEC lingered at this low price only briefly, quickly recovering to $47.71 by 10:40.
The digital currency, which helps counterparties enjoy greater privacy by using zero-knowledge proofs called zk-SNARKS, fell to a low of $46 at 10:30 UTC, Poloniex figures reveal.
Stairway image via Shutterstock
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership in the startup developing the open-source Zcash platform.
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