ZClassic (ZCL), a cryptocurrency forked from Zcash (ZEC/USD), had a bad 24 hours as the cryptocurrency declined almost 80% to $18 on Thursday, according to CoinMarketCap.com.
The drop comes after the Bitcoin Private hard fork that occurred on February 28. ZCL achieved a peak just below $200, and went on to crash painfully.
The snapshot occurred yesterday (on 28 February, 2018) at block height 272991 for ZClassic and 511346 for Bitcoin.
The long-awaited $BTCP snapshot has occurred. The block height for $ZCL is 272991
— Bitcoin Private (@bitcoinprivate) February 28, 2018
and the block height for $BTC is 511346 pic.twitter.com/4WLdfgohoU
The coin's value was mostly driven by two expectations: a reward of Bitcoin Private coins, and a chance for quick returns, according to Cryptovest.
And after the Bitcoin Private fork went through, the asset seems to have lost all meaning.
ZClassic (ZCL) is down -79.82% in the last 30 days from $112.8 per coin.