It is no longer news that the price of digital assets in the market has been steadily climbing high, confirming the bullish momentum in the market. Leading the charge was the first and leading digital asset, Bitcoin, as it banished its fears to break above the $59,000 resistance level. Following suit was Ethereum, but as things look now, other mid-cap and lower cap tokens have taken on the momentum and are flying high at the moment.
The latest asset to see a massive rise of up to 25% in the last seven days in Tezos, with the digital asset rewarding its investors and traders for the long faith. The surge is also coming on the back of a recent announcement by the developers in the bid to launch their tenderbake testnet.
The testnet would handle a large number of validators
In their previous statement, Tezos mentioned that the reason for the development of the tenderbake testnet was that they want to handle large amounts of validators. In the White paper that was released, the firm referred to the tenderbake testnet to answer the dynamic repeated blockchain consensus.
In their official post taken off Medium, the firm pointed out that many people have been working on the new algorithm, spanning people from different walks of life. The firm noted that in the group were researchers, engineers, and a host of other core professionals. The new tenderbake testnet will take advantage of the previously designed BTT algorithm and use it to handle the large pool of validators.
Also read:This means that Tezos would officially need to change its algorithm entirely, moving to a new one from the Emmy+ that it has been using for a long while. With that, the firm would henceforth see some visible changes. The firm described this upgrade as the biggest change that would ever happen to the digital asset in the past few years.
XTZ reacts to the announcement
Reacting to the tenderbake news, the price of XTZ saw a massive climb, which signals massive participation by traders. In the past one week, Tezos has raked in a total of 25% in profits, which brings the total rise of the asset to 50% in the past two weeks.
In the last one month alone, the digital asset has since a massive rise of about 60%, even though there were some declines, by the way. According to data that was culled off CoinGecko, the digital asset is currently in the 32 spot and boasts of a market cap of about $4.89 billion.
Tezos is not the only asset seeing a huge rise in the market as some tip coins are also going big since the start of last week. Even though most of them see minor price corrections, on-chain analysis has shown that they would continue their bullish run soon.
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