Zclassic (ZCL), a relatively unknown cryptocurrency, recently added over $160 million in a single week. The surge came partly thanks to the announcement of a hard fork taking advantage of the bitcoin brand, and to a tweet announcing more active development.
The cryptocurrency is essentially a fork of Zcash (ZEC), a privacy-centric cryptocurrency whistleblower Edward Snowden claimed to be the best bitcoin alternative. It was created to remove the 20% founders reward, and the slow start the cryptocurrency had. This means its blocks had a 12.5 ZCL reward.
This week, ZClassic saw its value surge from little over $8 per token, to $101.34 at press time. This translates to a 1,100% surge in only seven days, nearly matching bitcoin’s 1,400% surge in 2017.
Earlier this month, ZCL developer Rhett Creighton tweeted out he would be teaming up with the cryptocurrency’s co-founder. Their goal would be to plan more active development and revive the cryptocurrency. Prior to its recent surge, its value went from $5.55 to a low of $1.6 per token.
I'm teaming up with the original Zclassic co-founder @movrcx and we're planning more active development for Zclassic.
It will remain as the only purely mined fair launch ZK-SNARK tech with No Founders Reward.
— Rhett Creighton (@HeyRhett) December 9, 2017
Behind the cryptocurrency’s rise was an announcement revealing ZClassic holders would benefit from an upcoming hard fork. In it, Bitcoin Private (BTCP) will be created. An announcement reads:
“A snapshot date will announced soon. If you own zclassic and/or bitcoin during the snapshot you will receive Bitcoin Private in the ratio of 1:1. Make sure to have the coins in your wallet to receive BTCP. For now it is not recommended to hold ZCL and BTC on bittrex as it is still unclear if they will support the fork or not.”
This is a clear example of how an airdrop can help a cryptocurrency’s price surge, while taking advantage of the bitcoin brand. As recently covered by Core Media, exchange support for a token airdrop helped NXT leap 40%.
Zclassic and the rise of altcoins
Details on the Bitcoin Private hard fork are still somewhat scarce. This presumably means the major price pump was also partly triggered by fear of missing out (FOMO). Even after the incredible surge, some Twitter users call for buys.
— Osama A.Ali (@samotg) December 29, 2017
The cryptocurrency’s surge is superior to those of other privacy-centric cryptocurrencies like Verge (XVG). As reported, Verge surged after cybersecurity pioneer John McAfee labeled it the “best buy” among Monero and Zcash.
These events mark a historical decline for bitcoin’s market share in the cryptocurrency ecosystem. Entering 2018, the flagship cryptocurrency is currently trading at $13,399, with its dominance index at an all-time low of 37.8%.