Tezos (XTZ) Continues to Rise as Tokenization Prospects Grow
Tezos (XTZ) is outshining its crypto peers on Tuesday amid reports that real estate tokenization was coming to the multi-purpose platform through a white label partnership with two blockchain companies. The project has major implications on the future of real estate tokenization, an addressable market that is valued in the high trillions.
XTZ Price Update
The value of XTZ was flying high once again on Tuesday, climbing more than 10% to $1.49, according to CoinMarketCap. At last check, the token was up 9% to trade at $1.44 for a total market capitalization of $956.6 million. That puts Tezos in 15th spot on the market cap index and less than $500 million away from Bitcoin SV.
In the first week of January, Tezos was ranked 23rd by market cap with a total value of around $294 million. Year-to-date, the cryptocurrency has returned a whopping 213%, far outpacing most of its peers.
Currently, XTZ is limited to ETH, BTC and USDT purchases and is available on platforms like Kraken, BitMax and Gate.io.
XTZ was the top-performing cryptocurrency on Tuesday. A sudden surge in the value of bitcoin during Asian trading triggered a market-wide rally that extended to most altcoins and tokens. As a result, the total cryptocurrency market capitalization reached a new high for the year.
Tezos and Real Estate
Whereas bitcoin revolutionized our view of money and centralized control of capital, tokenization is changing the way modern society views investing. Tokenization is the process of digitizing real world assets and making them available to micro-investors. Some have argued that the market for tokenized assets, spanning both financial and real assets, could be worth $24 trillion in the next six years.
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As Crypto Briefing reported last week, two blockchain-focused firms are engaging Tezos to build a new digital real estate exchange for the Southeast Asia market. The partnership involves Elevated Returns, a real estate tokenization platform, and AlphaPoint, which supports security token offerings (STOs).
Elevated Returns is using AlphaPoint’s technology to create a new marketplace with over $1 billion worth of digital real estate in the Southeast Asia region. Both companies will rely on the Tezos blockchain to launch their new real estate exchange and enable institutions to both issue and trade digitized assets.
Tezos is a multi-purpose blockchain that enables the development of smart contracts and decentralized applications. From the perspective of tokenization, it is highly attractive because it facilitates formal verification and flexible on-chain governance.
The launch of the new exchange will likely elevate Tezos’ standing in the eyes of investors. The platform has benefited from a virtuous news cycle in recent months, including an announcement by Coinbase that users can now participate in the blockchain’s staking process. Read more: Tezos (XTZ) Re-Tests Yearly Highs as Baking Business Heats Up.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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