Tezos (XTZ) is back up again, trading above $1.71, defying the overall market downturn. XTZ was up more than 3.83% in the past day, while the markets slid significantly. The coin looks ready for another leg upward on its rally.
In the past month alone, XTZ has seen the highest trading activity in its history, as interest in the coin picked up. Staking services offered for no fees by BINANCE and Kraken further added to the coin’s appeal.
But the latest boost came from finally listing XTZ on Bittrex International.
https://twitter.com/BittrexUS/status/1206700000299945990
XTZ has lagged behind other coins for its listings, as the actual asset was generated only about a year ago. At the same time, the XTZ security status for now allows it to be bought by US traders through Coinbase.
But the sudden rise in XTZ interest led to some skepticism about the project’s merits. The XTZ staking reward is inflationary, meaning it is not really a source of passive income, but just a hedge against the network’s inherent inflation. Additionally, skeptics note no one is using the network for its other intended capabilities.
https://twitter.com/Aivabtc/status/1205519144755613698
Tezos proponents have stated the platform may be used for issuing security tokens. But so far, there is no explanation why this blockchain is better for securities, in comparison to Ethereum (ETH) or others. Besides, security tokens have failed to pick up in 2019, and demand for issuance is slow.
Tezos has accrued multiple testing partners, but the actual blockchain still carries few transactions. Tezos marked the creation of more than 25,000 new accounts in the past months, and its transaction count may improve with popularity.
XTZ remains risky, as the staking hype may be short-lasting. XTZ will still have to show its capabilities of rising to a higher valuation.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.
