Tezos Grows More than 90% in 30 Days; What’s Behind This XTZ Price Surge?
During the last few weeks, Altcoins have been performing very positively in the cryptocurrency market. There were several digital assets that performed better than Bitcoin (BTC) and that are helping the whole crypto market to leave the bear trend. One of these digital assets is Tezos (XTZ) that has grown over 90% in the last month.
XTZ Token Value Soars In The Last 30 Days
On February 23, Tezos was traded around $0.44. But since that moment, the virtual currency started to grow. A few hours ago, Tezos was traded close to $0.83, according to data provided by CoinMarketCap. In three days, Tezos increased its price by more than 70%.
This is very positive for Tezos that lost more than 96% of its value since its all-time high. The virtual currency dropped down to $0.33 in December 2018. That means that since its lowest point in more than a year, Tezos was able to increase 151%.
Although Tezos received support from different experts and the crypto community, the project has experienced different legal issues after a very successful Initial Coin Offering (ICO). At the same time, the U.S. Securities and Exchange Commission has also tried to bring Tezos under its regulatory purview. This was something that affected the project during the last year.
There are different reasons why Tezos has increased in price during the last days. There is a multi-billion dollar blockchain project that concluded the first round of voting for competing system-wide upgrades. On March 20, a vote on the Tezos blockchain closed choosing between two different proposals: “Athens A” and “Athens B.” There have been 25,855 votes from the community. The winner proposal has been Athens A that aims at introducing two different backward-incompatible changes to the network.
One of these changes is to increase gas limits on the blockchain. This would allow for a higher transaction throughput. The second change is related to roll sizes.
Furthermore, Thailand’s Chulalongkorn University has also announced that they will be working with Tezos Southeast Asia to create a premier blockchain education and research programme. This shows that Tezos is being developed and there is a lot of interest for this digital asset and network. In the future, this virtual currency could keep growing. Now, Tezos is the 20th largest crypto with a market capitalization of $502 million.
There are other altcoins that are helping the crypto market expand and grow. Litecoin (LTC) and Binance Coin (BNB) have been performing very well during the last few months. Both of these coins have more than doubled their price since they bottomed in December 2018.