Can Tezos (XTZ) Sustain 35% Mainnet Growth?
Tezos (XTZ) launched in autumn of 2017 but a lack of reliable exchange data meant it wasn’t picked up by CoinMarketCap until July of this year. As soon as the numbers had been crunched XTZ slotted right in among the market cap top-thirty, and has only strengthened its position since then.
As the mainnet launch approaches this coming Monday (Sept 17th), the XTZ coin has undergone a 35% pump in the last day. That has resulted in a climb up the rankings to 16th spot as the coin climbs to a market cap of just under $1 billion.
That the majority of Tezos’ growth has come during the bear market of 2018 should be a sign of encouragement for the crypto community, as it shows that there’s still room for serious growth even amid the clamour of one hundred ICOs being launched every month.
But will the mainnet launch consolidate XTZ’s recent gains, or is the coin gearing up for a fall when traders turn their attention to something else in the coming weeks?
Tezos 35% Daily Growth
Starting at a daily low of $1.29, XTZ climbed 35.65% up to a valuation of $1.75. That peak hit at 07:30 UTC Saturday morning, and as the afternoon comes around the coin price has levelled off within the mid-$1.60 range.
Even after that rebound, XTZ is still up almost 50% for the week, and has felt the boost of its highest daily trade volumes since July, during the first few days of its official trading. Volumes have risen 461% from $1.3 million to $7.3 million since the start of the week.
Despite its position as the 16th most valued cryptocurrency in the world, XTZ is still only listed on four exchanges, and today over 85% of the coin’s movements have been fuelled by just three trading pairs across three exchanges: XTZ/USDT, XTZ/BTC and XTZ/KRW, coming on Gate.io, HitBTC and Coinone respectively.
Tezos Mainnet Launch
Since taking over as president of the Tezos Foundation at the start of 2018, Ryan Jesperson has presided over some big leaps forward for Tezos. While the foundation does not own Tezos, its activity over the past few months has saw the project link up with some big names like PriceWaterhouseCooper – one of the ‘big four’ accounting firms in the world.
After initially starting off their network with bakers (validators) only coming from within the Tezos Foundation, the blockchain has now attracted third-party, independent validators to its blockchain, helped in no small part by the close to 30% rewards that they gain by staking their XTZ coins.
Tezos has been one of 2018’s foremost success stories, and is now only a hop, skip and a jump behind established, much-hyped powerhouses like Tron (TRX), Neo (NEO) and Dash (DASH).
Regardless of what happens to the coin’s trading activity following the mainnet launch, Tezos should be considered a success story for 2018, and one to watch closely as we roll into 2019.
Featured image courtesy of Shutterstock.