The zclassic price rose by more than 2,000 percent in the last week and caused an uproar in the markets.
The coin is now trading at $82.02, representing a fall of 19 percent in the last 24 hours. Until the time of writing this article (Saturday). The market capitalization stands at 148 billion with more than $82 million. Thus the worth of ZCL having changed hands in the last 24 hours.
Before the slight fall today, about $120 million worth of ZCL changed hands in less than twenty-four hours according to Friday data. The coin recorded a market capitalization of more than $177 million on Friday.
The increase in price is as a result of the development on the ZClassic blockchain.
The coin forked from Zcash blockchain because of disagreements relating to payment of Zcash founders (they were to be paying 20 percent of the miner rewards for the first 4 years). Another reason for the fork was the slow start system into Zcash and which makes it difficult to mine the first 20,000 blocks. Which could inflate market prices. All these features are removes in ZClassic.
However, ZClassic will fork again to create Bitcoin Private, which works as ZClassic. Many are therefore buying into ZClassic before the fork to have a share of Bitcoin Private BCTP tokens when the fork is ready. This is because those holding ZCL will receive BCTP on a ration of 1:1. The airdrop will be done in January.