It’s Time for Tezos (XTZ) to Pull a Chainlink (LINK)?
Chainlink has been having a great past few months. This altcoin has been going parabolic since 2018 and in 2020 so far has recorded gains of more than 300%.
Just yesterday, LINK made a new all-time high of $8.70 and is currently 7% off of this peak as it trades at $8.22, down 5.52%. Overall, it is the third most traded asset for the past few days on the basis of ‘real’ volume, as per Messari.
All these gains have LINK getting to the 8th spot as per market cap of 2.87 billion, pushing even Litecoin down.
Another crypto asset that is looking good now, to some even resembling LINK is Tezos (XTZ). The 13th largest cryptocurrency by market cap of $2.18 billion has been performing well earlier in the year.
By mid-February, XTZ was up more than 200% with a record 80% of its circulating supply locked due to staking. During the March sell-off, XTZ dropped over 65%.
Last week, Tezos was trading around $2.25 when the altcoins started popping after Zoomers advertised Dogecoin on Tik Tok. Although the price of XTZ has been rising since then, it wasn’t as good as many other small cap coins.
This week, the cryptocurrency made a strong move and today jumped to $3.31. The progress has traders looking for more uptrend, of more than 100 percent. Trader MoonOverlord expected the digital asset to surge to almost to $7 level.
$XTZ cup and cup/double bottom continuation shaping up really nicely.
Over 3,800 should spring us and 4,100 is a party. pic.twitter.com/vxLvUvaZsI
— Jonny Moe (@JonnyMoeTrades) July 15, 2020
Some have been comparing XTZ’s gains to LINK and expecting it to have the same face-melting rally as LINK has been enjoying for the past couple of weeks.
“Tezos following the Link playbook, with a bit of lag,” said trader Matt Khoury.
Trader Hsaka also noted how this was the first day when XTZ outperformed LINK on a big pump since the latter broke into a new peak.
However, all of these hopes were shattered when Bitcoin dropped less than 2% after major Twitter accounts were hacked for a scam asking for bitcoin.
Bitcoin didn't even fall below $9,000 but the speck of red was enough for altcoins to shed their greens. While big and mid-cap altcoins are down between 3% to 8%, XTZ is able to keep some of its gains.