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Tezos Price Prediction: XTZ Up Nearly 80% From January Lows

Tezos (XTX) has had a tough few months, but things are looking up for this blockchain cat patent-pending coin. Unfortunately, after slumping to an all-time low at the start of January and then climbing back up over 80% by early February – it seems like there’s not much more room left in its recovery.

The Tezos (XTZ) recovery has been nothing short of impeccable. The coin has come from six-month lows to report gains of over 80%. Moreover, it’s’s gone up almost threefold in just the last few weeks. At one point, XTZ was even testing $5.

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While many coins feel the pressure due to increased tensions between Europe and America, Tezos has taken a significant hit. The coin has been down nearly 26% in the last 11 days and stands below key support at $3.2 and could potentially test further down towards medium-term supports at lower levels or even next weeks’ lows near 2 USD per XTZ.

In response to politics changing rapidly across both regions of our world, investors may be giving pause before adding new currency onto their portfolios–especially ones that were once considered safe-haven assets like gold or dollars.

Tezos price reached its support value of $3.2 today | Source: XTZ/USD Chart on Tradingview.com

The crypto markets are still choppy waters, and there’s no telling what might happen next. That said, we do need to watch out for XTZ because if buyers didn’t push the price above $3.2, that would mean more selling pressure on weak coins, which could lead them down even further than before.

About XTZ

Tezos (XTZ) is the most promising smart contracts platform in existence right now. The design of Tezos promises to offer better operations than Ethereum. Moreover, increased investor interest and a high rating from market experts make it worth keeping an eye on.

Related Reading | Ethereum Price Falls Amid Global Tensions

The XTZ has been a top performer in the cryptocurrency market, registering an impressive gain this year. It is indeed one of those cryptocurrencies you should consider adding to your portfolio. Especially when considering its current market value, which rests at 2.6 billion dollars.

Future Of Tezos (XTZ)

There is no way to know what the future will bring, but analysts and traders use algorithms for short-term investments like predictions about cryptocurrency prices or long-term forecasts. For example, we can predict whether a specific token like Tezos seems promising by looking at these mathematical models.  The Modules calculate how profitable it would be if I put all my money into this particular project now vs. waiting until later when its price may go up even more than expected.

The price of Tezos has truly somersaulted in a year that saw its XTZ trend transform from the beginning towards the end. The coin’s history is quite impressive. There are many opportunities for growth around alliances with all said and done. New partnerships would bring this crypto to life as it becomes a center stage on earth where investors can see their investments thriving.

 

                Featured image from Flickr, the chart from TradingView.com

 

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Increased NFT Demand Triggers Tezos Transactions And Smart Contract Activity

Recently, the Tezos network has been experiencing progressive growth in its smart contract addresses and adoption for the past 12 months.

This is majorly linked to non-fungible tokens as the primary driver for the increase. Hence, with the move, Tezos stands as viable competition to Ethereum in terms of NFT minting and its markets.

Non-fungible tokens, NFTs, are recently gaining more attention within different sectors. More businesses and even celebrities embrace this digital asset for various reasons that satisfy their purposes.

From creating expressions and awareness to generating non-profitable funds to enhancing community engagement and interactions, the use of NFTs continues.

Just like cryptocurrencies, NFTs are created with smart contract technology. So, they could maintain a decentralized character by having no interference with third parties. This has also increased the activities of some blockchains that engage in developing non-fungible tokens.

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One of the competitive advantages for Tezo is the high fees on the Ethereum network. This pushes both NFT developers and investors to look for alternatives, of which Tezos is one of them. In addition, the Tezos network boasts a portal for all its NFT marketplaces that it professes to be Carbon-Neutral. Also, fees at the network are meager.

Moreover, there have been some controversial environmental issues surrounding NFT minting and trading on networks with Proof-of-Stake (PoS) consensus mechanism. Tezos got a wide applaud as a unique platform that handled these issues.

Impacts Of The Rise In NFT On Tezos

Recently, the report from ‘State of the Network’ of Coin Metrics disclosed that the number of smart contract transactions rose within the last 12 months from 10,000 daily as obtainable in January 2021 to over 50,000 daily. According to the report, the observable growth is attributed to some NFT platforms.

One of the great platforms is FX Hash, a generative art site that has increased interest. Also, there is Ubisoft, a gaming giant, that declared Tezos support for its gaming NFTs in December 2021.

Furthermore, Tezo’s active addresses have reached an all-time high of more than 45,000. Subsequently, there’s a tripling of active smart contract addresses, which was below 200,000 to above 600,000 for the past 12 months. This explains the surge in NFT and DApps operating on Tezos.

Inclusive in the research is the total number of daily transactions under the category of Other Transactions. The report revealed that from August 2021, there was a spike in the figure.

Tezos stands at $4.04 | Source: XTZUSD on TradingView.com

This was after Tezos launched an upgrade that splashes block times in half. This has raised the daily transaction numbers from previously being 40,000 to 250,000, and it’s still within this level presently.

Related Reading | The Bear Signal That Suggests Another Bitcoin Crash Is Coming

The report also gave a chart of addresses with a least of 1 XTZ token. It has exceeded 300,000, showing an increase of 150% of its value last year.

Launched in 2018 as an energy-efficient PoS blockchain, Tezos validates and adds new blocks to its chain known as Baking on the network.

Featured image from Nairametrics, chart from TradingView.com