Moreover, Tezos (XTZ) has surged up by nearly 400% in the last 12 months. This huge rally has been driven by the firm’s numerous partnerships with financial institutions across the globe. Meanwhile, as Tezos price is becoming stronger; Bitcoin (BTC) has been straining to break back over the psychological $10,000 mark.
The world’s most popular cryptocurrency has risen only by almost three folds in the last 12 months. On the other hand, Tezos price has rallied up by over 400%; surging from just $0.40 per tezos token in February 2019 to over $2 today.
Over the past 24 hours, Tezos (XTZ) has surged by almost 24%. The bullish run has allowed the digital currency to finally turn the $1.80 resistance level into support. This significant price barrier was preventing XTZ from soaring higher since September 2018, when it was launched. This rise has taken Tezo’s market capitalization to around $1.4 billion. It currently seems to be preparing for a parabolic move.
Infact, an inverse head-and-shoulders pattern seems to have formed on XTZ’s 3-day chart. This technical formation estimates a momentum reversal to become bullish. This move above the $1.80 resistance level; known as the neckline, might be the fuel to a significant price increase.
XTZ Closing the Gap to Top Ten
Moreover, during the start of the year, Tezos was ranked as the 15th most valuable digital currency. At the moment, the token is ranked at the 11th most valuable cryptocurrency. It is within touching distance to make it to the top ten.
The token, which brands itself as a “self-amending cryptographic ledger” on top of using the proof of stake consensus model; has turned up to be the favored blockchain and cryptocurrency for tokenized real-estate and security tokens.
In addition, Tezos holders can “stake” their XTZ and get more tokens as a recompense for creating and verifying new blocks in the chain.
What has Pushed Tezos up?
The rally which commenced back in November last year has been fueled by the many partnerships in the financial industry; on top of Tezos Foundation’s Faucet, which awards users up to 0.01 XTZ every 12 hours.
Back in 2019, Brazil’s BTG Pactual bank and a Dubai-based asset manager; Dalma Capital announced a partnership with Tezos for blockchain for security tokens. Furthermore, Elevated Returns announced it will use Tezos to tokenize its real estate based in Aspen.
The XTZ tokens started trading back in 2017 during the global bitcoin and crypto-mania. The Switzerland-based Tezos Foundation raised $232 million during its initial coin offering (ICO). During its peak, Tezos was worth just a little bit over $10. However, during the so-called Crypto winter of 2018-2019, the token lost almost 95% of its value.
Overall Market Thought
Basing my argument on Crypto Fear and Greed Index, cryptocurrency traders seem to be immensely bullish over Bitcoin. In fact, this technical index has discerned huge greed among traders within the last few days. Greed is perceived to be a negative sign, which means that a selling opportunity might come soon. Warren Buffett at a time said, “be fearful when others are greedy and greedy when others are fearful.”