Tezos (XTZ) Breaks Out Above $1 on Relatively Small Volume
The asset is sparking hopes of returning to pre-crash levels, scaling above $3 in the coming months.
Tezos (XTZ) is inviting bullish predictions after staging a rally above $1. On Monday, the asset climbed to $1.13, adding more than 15% in 24 hours, touching a peak of $1.15 late on Sunday. The asset is seeing growth in volumes to near-record levels, although trading is still far behind major coins.
XTZ volumes are around $9 million’s equivalent in 24 hours, leaving space for trading growth. The XTZ asset is still relatively unpopular, as the network is still striving to grow and invite distributed apps and users.
The XTZ market price growth is currently happening without any big announcements or milestones for the network. However, some see XTZ as undervalued, regaining its positions as prices recover. Predictions of $3 to $4 are already seen, as XTZ broke from recent lows that matched the price levels during the ICO.
The Tezos network is currently almost devoid of distributed apps or smart contracts activity, and lags way behind systems like Ethereum (ETH), EOS, TRON (TRX) and others. Most of the activity is still centered around the internal ecosystem of the coin, training XTZ owners on baking, as well as voting mechanisms.
XTZ sees up to 31% of its volumes happen against Tether (USDT), with 29% in the Bitcoin (BTC) pairing, as well as a fiat market with the US dollar, where 18% of trading activity is happening. Kraken is one of the leading markets for XTZ activity. A listing on Binance is still not happening for the asset. XTZ volumes are seen as relatively slim, and the price climb may be prone to corrections.
The Tezos network is also seeking to grow its activity, with only 1925 transactions in the past 24 hours. The asset is just now being added to wallets, including Binance’s Trust Wallet, as well as the Coinbase custody service. Both wallets will offer baking services for those who wish to hold onto the coins.