Tezos (XTZ) Continues Expansion, Enters Top 10
XTZ is revving up to reach a new price range, boosted by momentum in trading.
Tezos (XTZ) continues with its phenomenal climb, now easily entering the top 10 of coins by market capitalization. XTZ is one of the few altcoins with a market cap above $1 billion.
At this pace, XTZ may shoot for a “flippening” with Bitcoin SV, which has a market cap around $1.6 billion. XTZ is seen as potentially discovering an entirely new price range, after more than tripling its price in 2019.
XTZ traded at $1.76, adding more than 14% overnight, and more than 36% week-on-week. The asset also saw a boost to its volumes, to above $126 million per day. The rising activity is showing increased appetite for XTZ, with predictions of new highs in 2020.
According to Weiss Ratings, the coming months may see consolidation between various smart contract platforms, as new leaders appear on the market. The ratings agency envitions a partnership between Tezos and ChainLink (LINK).
In the case of altcoin fans, XTZ is presenting a new opportunity for extraordinary growth. The asset remains risky, though it offers better short-term gains in comparison to lagging altcoins.
It is also possible XTZ backtracks once again, as some of the holders take profits. Holding XTZ since the ICO, or since the start of 2019, has already brought significant profits, though selling may lead to slippage.
Others see the asset go through boom-and-bust cycles, instead of achieving a continued climb. In any case, XTZ is becoming much more visible and the prices may respond accordingly. The asset was envisioned to climb to a more significant valuation, though so far, even its previous range of $4-$5 is yet to be recovered.
XTZ markets now see higher liquidity inflows, as trading against Bitcoin (BTC) and Tether (USDT) pick up. The asset is also having a chance as BTC stalled with relative stability, while altcoins are attempting to recover to a higher price range. Tezos also expands at a time when other platforms are being overrun by spam and simulated mining tokens.