Bitcoin’s price rise in 2020 was much better than its compatriots, so much so that it was on its way to becoming one of the best-performing assets across the board. Since the start of the year, the world’s largest cryptocurrency has outstripped traditional assets such as the Nasdaq and Dow indices.
Cut to May, and it looks like Bitcoin might have tough competition from its own yard. Tezos, one of the most popular cryptocurrencies, has slowly but surely risen to become one of the largest digital assets on the charts. Cryptocurrency-based proof-of-work celebrated a milestone when it entered the top ten club recently.
The market analysis showed that Tezos had grown by 85 per cent since the beginning of this year. This came from the back of experts praising Tezos’ foundation for the construction of new projects. The cryptocurrency surge was noticed by the spectacular surge from the bottom of the top 20 club. Even Mati Greenspan, the founder of the market analysis firm Quantum Economics, has touched on Tezo ‘s growing popularity.
At the time of the press, Tezos traded for $2.53 with a total market cap of $1,798 billion. A minute 0.05 percent dip in value brought the 24-hour market volume down to $116.38 million. Tezos’ first major climb started on April 16, when the price was $1.9. Since then, the spike has been almost perpendicular to a maximum of $3 in the space of 2 weeks.
Tezos’s all-time high was reached on July 1, 2018, when the value rose to a massive $4.46. Speaking of Tezos, Joe DiPasquale, CEO of BitBull Capital, said:
“Tezos is not a proof-of-work based coin, so it can’t be mined. However, it is one of the more promising projects to come out of the initial coin offering-era, which gives it an edge in times such as these, when the bitcoin price appreciates and lifts the market for a select-few, quality projects.”
Much of Tezo ‘s popularity can be attributed to the fact that it forms the basis for several other cryptocurrency projects. Another advantage enjoyed by Tezos was that the majority of the incoming supply is diverted to the native sketching process. Tezos fans are looking forward to the cryptocurrency climbing higher on the charts.