As a seasoned researcher with over two decades of experience in the tech and finance industries, I have witnessed the meteoric rise and fall of numerous digital assets. The recent surge of Tezos (XTZ) has piqued my interest, not just because it’s back on the radar after a brief absence from the top 100 cryptocurrencies, but also due to its impressive performance during the 2021 bull run.
TL;DR
- Tezos (XTZ) surged to $1.30 before stabilizing at $1.10, rejoining the top 100 cryptocurrencies with bullish predictions for further gains.
- XTZ was once a top-20 digital asset with a $7.3 billion market cap during 2021’s bull run.
The Top Performer
Over the past day, many major cryptocurrencies have stabilized. For example, Bitcoin (BTC) is currently priced at around $91,500 according to CoinGecko’s data, which is just a slight 0.6% increase compared to its daily value. Similarly, Ethereum (ETH) is holding steady at approximately $3,100, showing a minimal 1% growth for the same duration.
However, some digital assets have still recorded double-digit gains, with Tezos (XTZ) being an evident example. Several hours ago, its valuation pumped to a seven-month high of almost $1.30. It later retraced to the current $1.10. Its market capitalization soared above $1 billion, marking XTZ’s return to crypto’s top 100 list.
Although the specific cause behind the current surge in price is still unclear, several financial experts predict a continued increase in the coming days. User Javon Marks suggested that Tezos’ (XTZ) price spike was due to its recent display of a consistent bullish pattern and breaking free from a smaller chart setup. The trader further stated that this could potentially signal an enormous rally, reaching as high as $7.609.
CryptoJack described XTZ’s latest pump as “an explosive bullish rally.” According to him, though, the price now faces resistance at the 0.5 Fibonacci level.
“I expect a retest of the 0.5 fib level before a bounce and pump on Tezos,” they added.
CryptoTony chipped in, too. The trader promised to jump on the XTZ bandwagon as an investor if the price surpasses the resistance level of around $1.40.
XTZ’s Former Glory
Currently, Tezos (XTZ) ranks as the 92nd largest cryptocurrency, but during the bull run in 2021, it was one of the front-runners. At that time, its price peaked at more than $9, and its market capitalization surged to a staggering $7.3 billion, placing it within the top 20 most valuable cryptocurrencies.
In late 2021, Tezos formed strategic alliances with Ubisoft and Manchester United, which significantly contributed to its robust performance. Ubisoft is a platform for acquiring unique NFTs, while Manchester United is one of the world’s most famous football clubs, and they agreed on a $27 million deal with Tezos.
The platform functions as both the official blockchain and training kit partner for the team, which is commonly referred to as “The Red Devils” in the sporting community. This partnership continues to progress without interruption.
It’s intriguing to consider whether Tezos and its native token could regain their previous high points during this bull market. The chances seem promising if the current bullish trend continues over the next few months, and if Tezos manages to forge more strategic partnerships.
Read More
- FARTCOIN PREDICTION. FARTCOIN cryptocurrency
- SUI PREDICTION. SUI cryptocurrency
- Excitement Brews in the Last Epoch Community: What Players Are Looking Forward To
- The Renegades Who Made A Woman Under the Influence
- RIF PREDICTION. RIF cryptocurrency
- Smite 2: Should Crowd Control for Damage Dealers Be Reduced?
- Is This Promotional Stand from Suicide Squad Worth Keeping? Reddit Weighs In!
- Epic Showdown: Persona vs Capcom – Fan Art Brings the Characters to Life
- Persona Music Showdown: Mass Destruction vs. Take Over – The Great Debate!
- “Irritating” Pokemon TCG Pocket mechanic is turning players off the game
2024-11-19 17:56