Tezos (XTZ) Rises Above ICO Price as Altcoin Season Gives Everyone a Chance
The asset is slowly gaining popularity, recently getting added to the Bitfi wallet.
Tezos (XTZ) is the next altcoin to reawaken after a long stagnation, continuing to add gains. On Wednesday, XTZ rose by more than 16% to $0.57. The biggest boost for XTZ was the rise in terms of Bitcoin (BTC) prices, as the altcoin surged from lows of 10,000 Satoshi to above 14,000 Satoshi in a fast rally.
As BTC prices remain stable around $4,000, altcoins are benefiting with short rallies. But for Tezos, the asset’s popularity is growing for additional reasons. The rise in XTZ coincided with the asset’s addition to the Bitfi wallet.
The Tezos network also offers unique opportunities for passive income through “baking”, a process of temporarily locking up coins to get returns. Baking is also possible through hardware wallets, adding security to holding and staking XTZ.
Tezos, in terms of development, is following a familiar path, where smart contracts, games and distributed apps, and tokenization are driving real-life use cases. For Tezos, one of the biggest opportunities is the potential to tokenize real-world assets, and use the network for security tokens. The opportunity to tokenize real estate in Thailand was mentioned in the latest Tezos update:
The XTZ asset also has a unique trading profile, with significant activity on Kraken and Bitfinex. XTZ has substantial USD and Tether (USDT) markets, working as a mechanism to somewhat decouple against BTC prices. However, the XTZ/BTC pair is also open to speculation.
XTZ is far from its peak above $11 achieved in December 2017. Since then, the asset has fallen several times, crashing to a lower tier. Now, with volumes increasing every day in March, XTZ is seen as potentially breaking out to recover lost ground. For now, XTZ trades near or even below its price at the ICO, at around $0.47.