Tezos is a very popular cryptocurrency. It is one of the top 20 cryptocurrency rankings by market valuation. Tezos (XTZ) is another smart contract platform that’s intended to be more scalable than Ethereum and other older smart contract blockchain networks. On this article, we will analyze Tezos position on the cryptocurrency market and Tezos price prediction for the rest of 2019. Before we get into that, let’s analyze a bit more about Tezos blockchain itself.
What Is Tezos (XTZ)?
According to the official website, Tezos is an open-source platform for decentralized applications supported by validators, builders, and researchers. Tezos uses a native smart contract language called Michelson and it’s intended to cater all the institutions in the future to adopt its smart contract platform. In Tezos, stakeholders have the power to evaluate, propose, and approve amendments. With Tezos, they have what it’s called as general network shell that is compatible with consensus protocols and different transaction hashes. The consensus mechanism is called Liquid Proof of Stake.
Tezos believes Liquid Proof of Stake is a better evolution of Delegated Proof of Stake. With Liquid Proof of Stake, validators can be up to 80,000 bakers (limited by roll size) while Delegated Proof of Stake typically has a fixed set of validators (such as 21 in EOS and 27 in Tron). If you are wondering what baker means in Tezos system, bakers will be rewarded to sign and publish blocks. They have to commit their deposits. If the baker acts against the system, it will end up by losing its deposit.
Tezos In The Crypto Market Today
This week (first week of August 2019), it’s been good for Tezos and the remaining of the cryptocurrency market. Tezos has gained its momentum even though it does not trade really well against Bitcoin. Currently, Tezos is trading at ~$1.46 which is not bad at all considering the fact Tezos was trading at $0.46 at the beginning of the year.
Just like most other altcoins, Tezos movement against bitcoin has not been doing very well. Tezos was actually doing really well against bitcoin and other altcoins from March to May of this year, but since then it has dropped significantly as most big traders are dumping their altcoins’ holding to pump BTC. Interestingly, while Tezos is part of the top 20 altcoins, but you cannot find Tezos (XTZ) on the most popular cryptocurrency exchange in the world, Binance.
Tezos (XTZ) Price Prediction For The Rest Of 2019
As cryptocurrencies market regains its optimism back, Bitcoin is now trading at ~$11615. Tezos (XTZ) also pumps slowly but surely. It is trading at ~$1.46. Talking about Tezos price prediction is a bit tricky topic but it’s possible Tezos can break $3 by the end of the year assuming Bitcoin itself can break the year’s all time high. It’s also possible that Tezos (along with other altcoins) will get their momentum back against Bitcoin itself as currently Tezos is trading a bit too low against Bitcoin.
Unfortunately, Tezos’ availability on the crypto market is a bit limited. Biggest Tezos market at the moment is still BitMax and the volume is not so great. Many crypto traders believe that as long as Tezos is not available on Binance, they won’t really have enough liquidity compared to many other top altcoins.
Tezos is likely to be around for a long time. As the cryptocurrency market grows and becomes more mature, Tezos should become even more relevant and more well-known. And Tezos has good potential to outpace other altcoins movement like how it did back from March to May 2019.
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