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- Tezos recently partnered with Google Cloud for web3 development.
- Tezos (XTZ) price surged approximately 3% in the last 24 hours.
Aside from stablecoins, Bitcoin (BTC), and Ethereum (ETH), other cryptocurrencies are also performing well in the market. Crypto investors are already paying attention to alternative currencies, some of which have the potential to become the next major development in the crypto industry.
Tezos (XTZ) is among these cryptocurrencies. Tezos is a Proof-of-Stake (PoS) blockchain designed to expand over time without requiring sharp network splits. Additionally, it demonstrated an upward trend in the previous month.
Since its launch in 2018, Tezos, a blockchain platform that utilizes “smart contracts,” has made waves in the cryptocurrency community. However, the prolonged bear market has posed challenges for XTZ, as well as for all other cryptocurrencies. Competition in the market also intensified with the arrival of new crypto tokens. Nevertheless, investor attention has recently shifted toward Tezos’ native token, XTZ, following a price increase.
Tezos (XTZ) Price Chart (Source: CoinMarketCap)
Tezos Current Performance
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Today, Tezos’ market performance appears positive, with a price surge of more than 3% in the last 24 hours, rising from $0.8823 to $0.9088. However, since reaching its all-time high in October 2021, the token has fallen by approximately 77% due to uncertainty created by macroeconomic factors in the cryptocurrency and broader markets.
It is challenging to predict with certainty whether Tezos will increase after experiencing a period of sharp rises and falls. Investors remain undecided regarding the market performance of XTZ.
Tezos (XTZ) SMA (Source: Tradingview)
At the time of writing, Tezos/XTZ traded at $0.9025 with a 24-hour trading volume of $13 million, which rose by approximately 5%. When observing Tezos’ simple moving average, it remains below 50, indicating a bearish pattern for XTZ.
However, cryptocurrency experts believe Tezos could outperform rival tokens by providing greater returns. Additionally, speculation is circulating after the first quarter of 2023 regarding whether this year will be different for XTZ.
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