Since late September 2021, XTZ has been on the rise, reaching an all-time high of $8.81 on October 3, 2021.
Tezos (XTZ) is still on the rise, despite the market’s double-digit losses. It increased 243 percent year over year from September 27, 2020 to September 27, 2021, reaching $6.8895 per token. At the time of writing, Tezos is displaying bullish signals and shows no signs of slowing down. It has increased 62.9 percent from $5.30 in the last 30 days, indicating that it is on an upward monthly trajectory.
Tezos’ Relative Strength Indicator showed a significant bearish divergence on Wednesday, September 29, 2021, despite the fact that the technical trend for Tezos remained largely bullish. The previous week, it began to trade within a tighter symmetrical triangle pattern. After a few days of steady decline, XTZ was worth $5.51 early on Wednesday. According to CoinMarketCap, it is now worth $8.62. Tezos is currently trading at $2307420323 in 24-hour volume. The last time XTZ broke through the $8 barrier was in May 2021, but the rally was short-lived due to a market crash, and it fell to $2.430 before closing at $3.606.
Bullish behavior is aided by upgrades and stakes.
Tezos is a self-amending layer 2 proof-of-stake blockchain created by Morgan Stanley and Arthur Breitman that can upgrade itself without requiring a hard fork through an in-protocol amendment process. The most recent upgrade, which took place in August 2021, included a decrease in block time and gas consumption. The lower transaction costs attracted new users to the network, resulting in a price increase. According to Tezos’ official data as of September 26th, 2021, the network held 76.16 percent of the total supply. Staking would result in a limited number of tokens on the market and help to induce a price increase.
The Tezos dApp space is gaining traction.
Because Tezos is a layer 2 blockchain built on top of Ethereum, smart contracts and decentralized applications can be built on top of it. Tezos smart contracts received 5.8 million calls in October, compared to 3.2 million calls in September, thanks to its Michelson smart-contract language. Tezos dApps development has been picking up steam, and the network now has around 135 projects and dApps in development.