Bitcoin has outperformed almost every other asset in the market so far this year. The flagship digital currency is on track to one of the best bets this year. After its price dipped massively back in March due to a coronavirus driven sell-off, the price of BTC has surged by about 30 percent so far in 2020. Regardless, Tezos performance is set to outdo bitcoin performance after almost doubling its price since January.
In addition, the majority of analysts are anticipating for the altcoin to surge even further. Tezos, which trades by XTZ, has surged by a massive 85 percent since the start of 2020, adding to the 2019 gains to give XTZ a total market cap of about $1.8 billion. Back in January, Tezos was the 15th most valuable digital currency according to Coinmarketcap. Currently, the cryptocurrency has broken into the top ten, and is set to surpass its rivals if its impressive rally continues.
Real estate tokenization and security tokens opting for Tezos blockchain
Tezos, which uses the proof-of-stake model has surfaced as the preferred blockchain and digital currency for tokenized real estate and security tokens. According to the founder of Quantum Economics, Mati Greenspan who is a holder of Tezos himself:
“Tezos seems to be one of the most popular platforms for new projects to build on at the moment..Several projects that I’m currently advising are using it. As well, the tokenomics are structured in a way that a lot of the incoming supply are diverted to staking and taken off the market.”
It has been reported that Bitcoin miners who run the Bitcoin Network, have closed shop since last Monday’s halving event, shifting their focus to other digital currencies. As for Tezos, which unlike Bitcoin uses a proof-of-stake rather than the proof-of-work cannot be mined the same ways as Bitcoin.
As for proof-of-stake blockchain networks, they are believed to be more expansive and do not require a lot of energy, as miners are not required to solve complex mathematical puzzles to mine the blocks. Additionally, Tezos incentivizes holders participation in the network’s security.
“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,” stated Joe DiPasquale, CEO of hedge fund manager BitBull Capital.
Tezos performance boosted by XTZ staking services
Furthermore, Tezos performance has been boosted by various platforms that have offered XTZ staking services in recent months as per the BitBull Capital CEO. He cited Binance.us adding that staking helps boost the price of the token.
Moreover, the minor cryptocurrency which began its bullish run November last year, has massively reaped the rewards of key partnerships in the financial industry. In particular, the Tezos Foundation’s Faucet which rewards XTZ holders with almost 0.01 XTZ every 12 hours; has been a massive boost.