Tezos (XTZ) Price Above $1; Consolidating Place Among Top 15 Coins
The asset is solidifying its position above $1, displacing other, more inactive coins.
Tezos (XTZ) lined up among the most actively traded digital assets in the past weeks, scaling up to position 15 based on market capitalization. Now, the coin has once again crossed the $1 billion market cap, and a place nearer to the top in terms of visibility.
XTZ traded at $1.29 as of 11:50 UTC on Thursday, sinking back to position 16 after briefly displacing IOTA (MIOTA). The asset also briefly displaced Bitcoin SV (BSV), which is progressively sinking to lower valuations after a recent series of delistings.
The Tezos project is still trying to make its way after a delayed launch, as currently the community calibrates the baking mechanism, while new owners are learning the process of staking their coins. Currently, the network carries very little activity beyond baking.
Community participants are still building the infrastructure of nodes, and working on the unique voting process for the network.
The most active XTZ trades are still happening on Kraken, as well as Bitmax, an innovative crypto-to-crypto exchange. The asset is working on its popularity, as bakers are advertising their services and reaching out to coin owners.
Beyond market cap, however, the real competitors of Tezos are projects like Ethereum (ETH), as well as EOS and TRON (TRX). Those networks are more widely developed and already host distributed apps, after a brief initial period setting up block-producing delegates.
Recently, Arthur Breitman released a critique of the EOS ecosystem for leaning toward centralization:
The Reddit threads on Tezos now have more than 12,000 subscribers, indicating a robust project.
In the past, Kathleen Breitman, one of the project’s co-founders, stated that the bear market was beneficial for digital asset projects, as it made the communities focus on development, not price. But the XTZ market price also caused significant losses, crashing to below ICO levels.