Zcash price shrugs off positive developments with continued losses

Following news that Zcash (ZEC) would be added to the Ethereum DeFi ecosystem through a wrapped token, the successful transition of the Zcash trademark, and recent breakthroughs in the development of its Halo scaling solution, Zcash can be considered to be on a roll as of late.

However, this spate of positive attention has done little to influence the near-perpetual decline in value Zcash has seen in recent months with the cryptocurrency losing almost 30% of its value since early August.

As it stands, Zcash is still in a negative trend and experienced a significant dip earlier today which saw ZEC fall from $38.96 down to as low as $37.14 before recovering somewhat. Zcash currently sits at $37.82—down just over 2.5% since yesterday. Zcash mirrors wider market trends, with the overall market down 1.7%.

The dump comes just a day after the Electric Coin Company (ECC) donated the Zcash trademark to the Zcash foundation. While most see this as a boon for Zcash since it essentially reduces the ECC's direct influence over the cryptocurrency, others see it as a sign that ECC CEO Zooko Wilcox is looking to step away from the project, despite arguably doing a good job of guiding it so far.