Tezos Price Up By 8.18% – Time To Buy Tezos Coin?

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Tezo’s growing adoption has seen several investors want to buy XTZ. In the past week, Swiss financial services provider InCore has integrated with the Tezos blockchain. However, before making a buy call, it is important to know what the blockchain platform is all about and if you should buy XTZ or not.

Tezos: Infinitely Scalable Blockchain

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Tezos, like Ethereum, is a smart contract and decentralized applications (dApps) platform that enables the successful running of decentralized finance (DeFi) services.

However, unlike the popular dapps platform, Tezos is a proof-of-stake (PoS) blockchain and offers peer-to-peer (P2P) transactions.

Another disparity that reinforces Tezos’ uniqueness is the self-amending feature powered by an on-chain voting system.

The development team, led by founder Arthur Breitman, believes it helps Tezos remain future-proof and avoid limitations of scalability, interoperability, and security that have plagued more established brands.

Another major upside for Tezos is that the crypto platform does not rely on a hard fork to upgrade the network. Tezos’ reliance on a PoS consensus algorithm makes the digital asset protocol more environmentally friendly and economical than proof-of-work (PoW) protocols.

XTZ serves as the network’s utility token and allows holders to stake, bond, and secure the network. They can also settle network fees with the XTZ token.

XTZ Rallies As The Bulls Return

XTZ’s price has been a reflection of the broader crypto market. Coming into the year at $1.2 after a bearish 2020, XTZ has seen exponential growth in the last eight months.

Even though XTZ’s price had not hit the previous all-time high (ATH) price of $8.3493 in December 2017, XTZ has posted massive growth.

The digital asset surged to a mid-year high of $7.13 on April 17 before retracing. XTZ retested this price, surpassing it and plateauing at $7.3159 on May 10.

However, the May crypto market crash saw XTZ dip 4.5% to $5.74 a week later. This market downturn continued, and XTZ ended the month at a mid-term low of $3.61.

XTZ has struggled for the three months that marked the bear market and has made feeble efforts to break above the $3.5 mark. Meanwhile, the past few weeks have seen the digital token show the semblance of returning to winning ways.

At press time, XTZ is trading at $4.27, up 8.145% in the last 24 hours. Weekly gains stand at 12.55%, which shows growing market confidence, signaling that more investors are out to buy XTZ.

XTZ Technical and Fundamental Analysis

XTZ’s technical indicators are strong and generally point to a bullish trend. The digital asset is trading well above the 20-day moving average (MA) support price of $3.564.

As per the relative strength index (RSI), XTZ is trading in the overbought region of 71.69. A high RSI should not deter you if you want to buy XTZ.

On the fundamentals, the Tezos blockchain is becoming a major hub for blockchain-based asset deployment. In a recent announcement by French football giant FC Nantes, the club’s NFT merchandizing partner Golden Goals, launched on the Tezos network.

This will enable club supporters to match certified club NFTs to physical merchandise like autographed football jerseys.

Also, Swiss B2B transaction bank InCore recently collaborated with Crypto Finance AG and IT consulting firm Inacta to develop new digital products operating on the Tezos blockchain.

The trio has developed a new Tezos token standard for asset tokenization. They also intend to launch institutional-grade storage, staking, and baking services for the Tezos blockchain.

Decentralized crowdfunding platform Rocket Launchpad recently launched on the Tezos network. The decentralized initial DEX offering (IDO) platform will serve as a springboard for projects looking to launch on the Tezos blockchain enabling them to raise the needed capital.

So far, over 135 crypto protocols are building on the Tezos blockchain. The platform’s growing popularity has seen market analysts forecast that XTZ will likely continue its rally. According to Wallet Investor, XTZ will trade at $5.22 by the end of the year and rise to $10.894 in the next five years.

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About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.