Sometime between the end of February and end of March, the cryptocurrency market crashed. ZClassic was one of the hardest hit as it drastically lost value for several weeks continuously. Some said that the reason why the crypto lost so much value is that it was unable to steady itself and find its way around after being forked from ZCash crypto.
ZCash crypto was gaining while ZClassic was incurring massive losses to its market cap. The policy at ZCL is that miners get to retain most of the rewards, unlike ZCash which imposes a ‘genius tax’ on mined tokens. There was some talk that the drop of ZCL was because the project was more than benevolent to the miners. ZCL overlooked the importance of implementing new solutions and working on new technological improvements which would have attracted investors. The problems at ZClassic were compounded by Bittrex’s decision to delist the crypto in March. The price of the crypto lowered and this caused it to drop even lower in the market. Overall, the crypto dropped by more than 97%.