The native cryptocurrency of the Blockchain Tezos (XTZ), is testing all-time highs during a wave of enthusiasm that began in January. New data from Cointelegraph Markets and Coin360 show that Tezos’ token, XTZ, hit $3.24 on 12 February, an increase of 25% within 24 hours. It’s currently sitting at $3.29 (45% up since January 2020). So far, Tezos is the standout in the 2020 alt-season, here’s why:
What is Tezos?
Firstly, let’s take a look at what Tezos actually is. Like Bitcoin and Ethereum, Tezos is a blockchain that has a native cryptocurrency, XTZ. Setting them apart from these two blockchains is that this one is a “self-amending cryptographic ledger”. It was founded by Arthur and Kathleen Breitman, who began working on the project in 2014 with a core group of developers. It was initially released in 2018, and has since become one of the top 20 ranking coins by market cap.
What’s going on?
To date, investors have seen returns of 150% on Tezos, making it one of the top bets among altcoins which have largely followed Bitcoin to a very successful Q1 of 2020.
The altcoin has become a top pick of Cointelegraph Markets analyst, filbfilb, who told his Telegram followers (centred around Bitcoin’s dip earlier in February), “Tezos unaffected”.
Other analysts are also bullish on the coin. Mati Greenspan told Cointelegraph, “Tezos is one of the fastest rising blockchain networks at the moment and for good reason… We’ve been overhanded on it since the beginning of the year.” He added, “Many of the new security token offering (STO) and tokenization projects are being built on it and the token economics are quite favorable as well.”
End of trouble for XTZ?
Tezos has made headlines for the wrong reasons in the past. Following its initial coin offering (ICO) which raised $232 million in 2017, investors became frustrated with the lack of returns and the company fought legal challenges, as well as fighting within the company.
At one point, XTZ traded at $0.37, well below its ICO price of $0.47. Throughout its hardships, Tim Draper, the billionaire venture capitalist, stood behind both Tezos and its creators – giving us an indication of where the project was likely to go.
Now, Tezos is the standout in the 2020 alt-season – with many investors clamoring to get it. It’s trading way up from the start of the year, and doesn’t seem to be showing any signs of slowing down.
The moment when independently developed Blockchain technology widely enters into the governmental space has come! @sergattic along with @octal will be presenting Tezos technology as a solution for CBDC development in Ukraine!
— Everstake (@everstake_pool) February 20, 2020
Tezos is gaining
Tezos is the standout in the 2020 alt-season. According to various analysts, it’s almost rock solid and likely will see major price gains in the near future. At the time of writing, XTZ is sitting at $3.29, which is well up from the start of the year. Will it follow in Bitcoin’s footsteps and keep gaining as the OG coin does? Either way, it’s likely to be a good year for XTZ holders – so you might want to get in.