Tezos (XTZ), the sixth-largest Defi token by market cap hit a new all-time-high (ATH) of $9.171 as it extended its weekly gains over 35%.
The Reasons Behind The Grow
Tezos coin is currently showing very bullish signals. And most importantly, it seems that the project isn’t showing any signs of slowing down either.
Notably, Tezos is a self-amending layer 1 proof-of-stake blockchain. Tezos was created by Arthur Breitman and it can upgrade itself through an in-protocol amendment process that does not require a hard fork. The latest upgrade was implemented in August 2021, and includes a reduction in block time and gas consumption. The reduction in transaction costs attracted new users to the network which has positively impacted the price. In fact, official data showed that 76.16% of the total supply was staked on the network. Staking would lead to a limited number of tokens on the market, and aid in inducing an upward trend in price.
Additionally, the NFT adoption also played a big part in moving the project price as few institutions announced the usage of the network for their NFT experience. Notably, Redbull racing, McLarenF1, and DojaCat announced to use Tezos for their NFT experience. Also recently Ligue One football club Toulouse FC announced the use Tezos for the same.
Tezos New Price Discovery
In recent time, the crypto space has seen a lot of interesting activity. Following a dip in the market not so long ago, it seems that things are finally beginning to pick up. In fact, many analysts believe that most cryptos will slowly begin to show more bullish signals.
The crypto space is subject to rapid changes. While it is no question that the lows can come out of nowhere, it is no doubt that the highs are certainly something to celebrate. Many traders and analysts remember the many ATHs set by various cryptos this year. Now as we enter Q4 of 2021, we are heading into a time of possibly exciting events.
At the moment Tezos seemed to be in the process of catching up with Ethereum’s dominance in the Defi space. Tezos had more than 130 projects and dApps in development on its network. Finally, if everything goes according the plan, soon we will see new ATHs and many other projects to cooperate with Tezos.
