Zcash, Monero, and Klaytn dip as market cools after Bitcoin hit $64,996

3 weeks ago 12

Zcash, Monero, and Klaytn dip as market cools after Bitcoin hit $64,996

The cryptocurrency market has experienced a cooling phase as Bitcoin (BTC) consolidates gains after hitting $64,996.

This market cool-off has led to notable dips in altcoins like Zcash (ZEC), Monero (XMR), and Klaytn (KLAY) as the global crypto market cap dropped 0.26% to $2.24 trillion.

Meantime, while Bitcoin (BTC) has managed to hold onto much of its gains, analysts warn of potential retracements, particularly if market sentiment shifts.

Some traders are cautious about the possibility of a “Bart Simpson” pattern, which could see Bitcoin’s price quickly drop to support levels around $62,700 or lower.

This is the second part of the projection:

Yes, the famous Bart Simpson pattern. It would make sense because they'd be filling the wick, stopping short positions and trapping some breakout traders.

Then the drop would flush the delta liquidations with a long squeeze to support. pic.twitter.com/dExlwMC9PP

— CrypNuevo 🔨 (@CrypNuevo) August 25, 2024

Zcash (ZEC) faces a notable decline

Zcash (ZEC), known for its strong emphasis on privacy, experienced a significant drop as the broader market cooled. ZEC’s price fell by 4.7%, bringing it down to $39.44 early Monday morning.

The cryptocurrency’s Bitcoin pairing also saw a decrease, falling by 4.4% to 0.0006186 BTC.

Zcash’s 24-hour trading range fluctuated between $39.30 and $41.68, reflecting market uncertainty.

Over the past week, ZEC has struggled, with its 7-day performance down by 6.5%.

However, despite these challenges, Zcash has shown resilience over the longer term, with a 26.1% gain over the past month and a 59.0% increase over the past year.

Investors are closely watching how Zcash will navigate the current market conditions, especially as it continues to be a key player in the privacy-focused cryptocurrency space.

Monero (XMR) sees a slight decline amid FCMP++ integration

Monero (XMR), another privacy-centric cryptocurrency, also saw a dip as the market cooled. XMR’s price fell by 3.1%, landing at $164.25. In its Bitcoin pairing, Monero decreased by 2.9%, reaching 0.002575 BTC.

The 24-hour price range for XMR was between $162.93 and $170.85, indicating some volatility during the day.

However, despite the short-term decline, Monero’s performance over the past week remains positive, with an 8.1% increase, and it has shown a 15.9% gain over the past year.

The Monero team recently announced a major advancement with the integration of Full-Chain Membership Proofs (FCMP++), aimed at significantly enhancing transaction privacy.

This new feature increases the anonymity set from 16 to 100,000,000, marking a substantial improvement in Monero’s already robust privacy features.

The FCMP++ integration is expected to bolster investor confidence in Monero’s long-term value proposition.

Klaytn (KLAY) experiences a moderate drop

Klaytn (KLAY), the native token of Klayn, a blockchain platform designed for enterprise-grade applications, also experienced a decline in the wake of Bitcoin’s recent price movements.

KLAY’s price dropped by 3.0% to $0.1704, while its Bitcoin pairing fell by 3.2% to 0.052662 BTC.

Klaytn’s 24-hour trading range was between $0.169 and $0.1785, reflecting a relatively narrow band of price fluctuations.

Despite the short-term decline, Klaytn has shown strong performance over longer timeframes, with a 9.9% increase over the past week and a notable 33.8% gain over the past 14 days.

The platform’s focus on enterprise adoption and its strategic partnerships continue to drive interest in Klaytn, even as it faces short-term market corrections.