ZClassic's price jumped 22.5% to $ 98.26 over a 24-hour period today, the date of an expected range, giving it a market valuation of $ 335,496,321. The cryptocurrency has a circulation supply of 3,414,350 ZCL out of a maximum offer of 21 million ZCL.
ZClassic traded 8,826 BTCs ($ 93 million) in the last 24 hours, peaking above $ 120 a day.
Expected hard range
Forty-four days ago, Bitcoin Private founder and developer Rhett Creighton proposed revitalizing the ZCLassicCoin (ZCL) by turning it into a hardcourt bitcoin - "Bitcoin Private", according to a Reddit post.
The Bitcoin Private Contribution team announced the long-awaited date of the bitcoin and ZClassic snapshot that are scheduled for today, February 28, 2018, according to the Reddit post. This announcement was made at the first private Bitcoin private conference held in Austin, Texas.
Over the past 24 hours the price has ranged from $ 7.15 to $ 122.32. The price started a slight decline over the last week, starting the week at $ 157.37. Over the past month, the price has ranged from $ 57.24 to $ 196.67.
The price hit an all-time high of $ 235.32 on Jan. 7, after breaking the first digits down for the first time in late December. The price started climbing on December 20, 2017, when it was $ 4.53.
Published Manifesto
On December 8, Creighton tweeted that he would team up with another ZClassic founder to plan a more active development for the project. Following this tweet, Creighton posted an entire manifesto a week later on the Subleddit ZClassic, detailing his plan for a new Bitcoin fork called "Bitcoin Private".
The range would create a bitcoin derivative that uses the same privacy protocols as ZClassic, which would allow users to send shielded transactions that hide transactions and values.
ZClassic started with Zcash to eliminate the 20% award from the founders that Zcash put in place for the first four years. Although Zcash is limited to 21 million pieces, some is allocated to founders, investors, employees and advisors of the company. The distribution of the rewards of the founders will eventually be abandoned in 2020 because it is limited to the first fixed block reward, however, this still represents 10% of the total supply.
This move was similar to the split Ethereum Classic and Bitcoin Cash, in which the original code base was bifurcated due to an ideological difference. It contains the same nuts and bolts as the original blockchain, with some tweaked parameters.
Read also: The ZClassic 100x tips in December with the 'Bitcoin Private' fork approaching
Earnings Earnings Award
Since news of the fork has increased in mid-December, ZClassic has experienced significant price movements.
Many have attributed the price action to individuals who wish to capitalize on the derivative produced from the fork without having to pay the exorbitant price for bitcoin. Investors may see ZClassic as an easier way to get more forked cryptocurrency at a lower rate, considering that ZClassic is currently trading at a fraction of the bitcoin price.
The popularity of recent bitcoin forks has been trading and portfolios in a frenzy due to requests for user assistance. After the Bitcoin Cash issue in August and the Bitcoin Gold issue in October, derivative attempts were commonplace.
Some compared the strategy to an initial coin offering by calling the process an "initial range offer" because of the increase in frequency.
Currently, the only known way to receive this new form of bitcoin derivative is to store ZClassic in the official project portfolio.