Tezos Up By 14.04% – Time To Buy Tezos Coin

Investors who are enthusiasts of the non-fungible token (NFT) sector would be moved to buy XTZ due to its recent surge. The native token of the Tezos blockchain jumped by 36.4% in the last seven days. Time to jump into the XTZ mania? Let’s find out.

Tezos: Smart Contract-Based Platform

Launched in 2018, Tezos is a blockchain protocol that offers similar solutions to Ethereum. The platform allows developers to build decentralized applications (dApps) while running decentralized finance (DeFi) services.

The Tezos blockchain was founded by a development team led by Arthur Breitman. It is a proof-of-stake (PoS) blockchain and offers peer-to-peer (P2P) transactions. One major upside for Tezos is that the platform is self-upgrading, which enables crucial consensus updates without splitting the network.

The project’s reliance on a PoS consensus algorithm makes the digital asset protocol more environmentally friendly and economical than proof-of-work (PoW) protocols.

Holders of the utility token, XTZ, can vote on proposals for upgrades on the Tezos protocol. The asset is also used to stake, bond, and pay for transaction fees on the Tezos network.

While Tezos started as a privacy-focused coin, it has become a leading ecosystem thanks to several upgrades. The network has rolled out updates with names Florence, launched in May this year, Edo launched In February, and Delphi launched last year.

The latest upgrade called Granada was introduced in August this year. The upgrade led to several bug fixes, liquidity banking, and gas improvements.

Granada is a step in the process for Tezos’ transition into a new consensus algorithm called Tenderbake. With Tenderbake, Tezos will transition into a BFT-style (Byzantine Fault Tolerance) consensus algorithm.

Bulls Seize XTZ As Price Rallies

The XTZ token has seen exponential growth since the year began. Trading at $2.0089 in early January, XTZ surged to an all-time high (ATH) of $7.536 on May 6.

This was before the crypto market crash caused the price to plunge to $5.74 a week later.

XTZ hit a low of $2.696 on June 28th and plunged further to $2.432 on July 18th before climbing to $2.89 on July 25th. Since then, XTZ has continued to rise gradually with the market.

Even though the digital asset has since lost half of its value, XTZ is still making gains. The virtual currency is up by 14.04% in the last 24 hours and is trading at $4.65. XTZ currently ranks 37th with a market cap of $4 billion. This might be a good time for investors to buy XTZ.

XTZ Technical and Fundamental Analysis

On the trading chart, XTZ indicates bullish momentum. The digital token is trading well above the 20-day and 200-day moving average (MA) support prices of $3.707 and $4.100 respectively.

XTZ’s relative strength (RSI) stands at 63.99 and is poised to keep climbing. This shows that the virtual asset is approaching the overbought region.

Analysts at Wallet Investor believe that the XTZ token has a bullish long-term potential, another reason why investors should buy XTZ now. The prediction site forecasts that XTZ would trade at $5.220 by next year and $10.894 in the next five years.

The Tezos network has also been gaining major adoption. Swiss-based banks Crypto Finance, InCore Bank, and Inacta recently teamed up to offer regulated tokenized assets using the Tezos blockchain.

The trio developed a new Tezos token standard called “DAR-1” based on Tezos’ FA2 design. They also intend to launch institutional-grade storage, staking, and baking services for the Tezos blockchain.

Another remarkable fundamental on the Tezos blockchain is the fact that the platform is fast becoming a hub for blockchain-based asset deployment. French football club FC Nantes recently announced the launch of its NFT merchandising partner Golden Goals on the Tezos network.

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

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