Price of Tezos Appreciating and Traders Cite Listing as Underlying Reason for HikeNovember 24, 2019
Tezos is built to last, backed by a global community of validators, builders, and researchers. Tezos provides an exhaustive library, which can be used to integrate it with applications. The Tezos node should be running first to deploy the contracts in the Alphanet testing environment.
Tezos is going all parabolic when the entire crypto market is bleeding. The price of the Tezos is appreciating, and traders are confused about the underlying reason. The price trends are continuing their rally from the past weeks. The price of the XTZ went as high as $1.33. The price momentum is gaining, and this signifies a successful financial quarter.
Investors have been trying to explain the price hike best, and the majority of them state that it is related to the hype related to the recent addition of the token to the Coin base. The asset is becoming more accessible. For now, the Tezos chart is promising due to the bullish chart indicators. This helps the relatively small market to move in a bullish trend. The trading volume has been around $113 million in the past 24 hours. The price of the XTZ moved up from its stagnant position near $0.76; thus, the token is trying to move into the price of a few dollars.
The major negative point for Tezos is that it was a latecomer to the market. The main net launch happened during the bear market. The late entry pushed the price of the Tezos to bearish trends. XTZ had a hard time getting listed. Eventually, the token went through a phase of new price discovery. The token did not continue to feel lucky for sometime. Now, the tokens seem to be catching up.
The trading profile of the Tezos token is unique. It is available for trading only in a handful of exchanges. The Tezos volume is focused on Binance, Kraken, and Coinbase. These listings help the XTZ to rise based on the focused pump activity in the markets. The price of the XTZ is dependent on the moves of Bitcoin (BTC). Nearly 27% of the volumes are directly versus the USD. Almost 30% are versus the Tether (USDT). Therefore, the token can afford to behave opposite to the overall market trends, thereby pitching for itself new and unique sources of liquidity.
Some of the Whale activity indicates that Binance might provide for the new arena of price moves for XTZ. There likely might be a potential dump following the pump.
The Tezos community is very strong. The community continues to be enthusiastic irrespective of the bear market. The network supporters are focusing on the potential of the Tezos to execute smart contracts, and they feel this is not the time to look into the market price and trends.