Tezos (XTZ) Hits New All-Time High as it Climbs 23% in 24 Hours

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In Brief
  • Tezos (XTZ) is up 23% in the last 24 hours, up to $8.7

  • It hit an all-time high of $8.83 on 3 October 2021, following a bullish trend which commenced on Wednesday, when it was worth $5.51

  • dApps and percentage staking volume on-chain driving bullish trends.

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XTZ has seen bullish momentum since late September 2021, culminating in an all-time high of $8.81 on 3 October 2021.

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Tezos (XTZ) continues to grow, as the entire market is experiencing double-digit losses. The year-on-year performance has seen it rise 243% from 27 September 2020 to 27 September 2021, hitting $6.8895 per token. Tezos is showing bullish signals, not showing signs of allowing down at the time of writing. It has shown an upward monthly trajectory, as it has increased 62.9% from $5.30 since 30 days ago.

On Wednesday, 29 September 2021, the Relative Strength Indicator of Tezos showed a substantial bearish divergence, even though the trend for Tezos remained largely bullish from a technical perspective. It started to trade within a tighter symmetrical triangle pattern the previous week. Early on Wednesday, XTZ was worth $5.51 after a few days of steady decline. It is now sitting at $8.62, according to CoinMarketCap. Tezos is currently trading at a 24-hour volume of $2307420323. The last time XTZ breached the $8 mark was in May 2021, but this couldn’t be sustained due to a crash in the market, leading to it dropping to $2.430 before closing at $3.606.

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Upgrade and staking contribute to bullish behaviour

Tezos is a self-amending layer 2 proof-of-stake blockchain, created by Morgan Stanley and Arthur Breitman, that can upgrade itself through an in-protocol amendment process that does not require a hard fork.  The latest upgrade was implemented in August 2021, and includes a reduction in block time and gas consumption. The reduction in transaction costs attracted new users to the network which has positively impacted the price. Tezos’ official data as of September 26 2021 showed that 76.16% of the total supply was staked on the network. Staking would lead to a limited number of tokens on the market, and aid in inducing an upward trend in price.

Tezos dApp space gaining momentum

Since Tezos is a layer 2 blockchain built on top of Ethereum it is possible to use smart contracts and create dApps on top. It has a smart-contract language, called Michelson, and Tezos smart contracts received 5.8 million calls in October, as opposed to 3.2 million calls in September. Development activity on Tezos dApps has been gathering pace, and currently has about 135 projects and dApps in development on its network.

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