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Highlights
- Tezos (XTZ) is primarily a Binance Smart Chain-driven blockchain network that allows users to communicate with each other in a seamless and frictionless manner.
- On 28 June, the Tezos token witnessed a rally of 9.42% at 7:40 AM (GMT +1), according to CoinMarketCap.
- The XTZ crypto was trading at US$1.66 with a 24-hour trading volume of US$13,52,36,506, according to CoinMarketCap.
Tezos (XTZ) is primarily a Binance Smart Chain-driven blockchain network that allows users to communicate with each other in a seamless and frictionless manner. As a self-amending decentralised platform, it is used for building decentralised applications using smart contracts.
Tezos allows the users with a unique on-chain governance system that allows the token holders to vote on the protocol's future. According to the protocol's website, its approach is based on a futureproof system that will enable users to adopt the latest developments in blockchain technology without the need for intermediaries.
On 27 June, the Tezos token witnessed a rally of 9.42% at 7:40 AM (GMT +1), according to CoinMarketCap. The XTZ token, however, witnessed a volume rally of over 233% at the time of writing.
Why is Tezos crypto rallying?
Tezos market performance on Tuesday seems to be the result of the news of the Jakarta upgrade, which happened on 27 June. However, even though the token has seen a rally, the 35-ranked token has been witnessing bearish sentiments for more than a month now. In fact, over the past 30 days, XTZ crypto has witnessed losses of 15.6%, according to CoinGecko.
But as the Jakarta upgrade date came closer, the token has witnessed decent interest, may be, allowing it regain grounds with a 14% gain over the past week or so. The rally may also have been due to recent developments which saw Tether deploy its USDT token on Tezos platform.
Although there isn’t much information regarding Tezos's much-awaited Jakarta 2 upgrade, leading exchanges, such as Binance and Gate.io, have already announced that they will support Tezos during this upgrade. The Jakarta 2 is Tezos's 10th protocol upgrade, which aims to fix two critical bugs affecting the protocol's experimental Transaction Optimistic Rollups.
How is the Tezos price faring?
The XTZ crypto was trading at US$1.66 with a 24-hour trading volume of US$13,52,36,506, according to CoinMarketCap. The Tezos crypto was enjoying a live market cap of US $1,37,47,45,691 and 89,96,05,146 XTZ coins in circulation.
The market participants will hope it will bring in a fresh set of changes that may prove beneficial for the functioning of the protocol. However, the market participants need to ensure that despite the result, they continue to remain vigilant and do their market research to avoid making irrational decisions.
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