Here’s Why The Tezos Price Gained 31% This Week

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CryptoMode Tezos Price ATH

The past few days have proven rather interesting for Tezos price watchers. As the XTZ value surpassed $4. many people started dreaming of a new all-time high. While that is still possible, there is more work to do before going past $8.27 again. 

Tezos Price Momentum Intensifies

Thanks to renewed bullish crypto market momentum, the price of Bitcoin and other assets has begun moving up again. Although there is still some market resistance, the overall trend looks somewhat promising. Moreover, speculators keeping an eye on the Tezos price will not be displeased with how things are going this week. A seven-day price increase of 31.1% is nothing to sneeze at and perhaps higher than most had expected.

XTZ/USDT Chart By TradingView.com

Keeping the momentum going will always be a tough ask. However, most crypto markets rely on bullish momentum for Bitcoin and Ethereum to sustain their own uptrend. The Tezos price may fall into that category, although there are currencies capable of decoupling themselves from the rest. Sustaining an uptrend regardless of what Bitcoin and Ethereum do would usher in the “altcoin season”, something trades have been asking for in recent months.

Healthy Network Activity

The rising Tezos price has to come from somewhere. Overall network statistics for the ecosystem indicate there is plenty of activity to go around. A high new deployment and contract call number is usually a reason for excitement. There is also the consumption of gas, which, thanks to a recent network upgrade, is now far lower than in previous months. In addition, Tezos has become even more efficient, courtesy of the Granada protocol. 

NFT Support Builds Excitement

As NFTs remain one of the hottest trends in crypto and blockchain today, every ecosystem needs to get in on the action. For Tezos, there are a few intriguing developments. First, there is the upcoming launch of Minted, a new NFT platform. Minted makes it easier to mint, introduces leaderboards and rarity tags, and supports shares in fine art and physical assets.

A second development is the issuance of merchandise NFTs by Golden Goals. Supporters of FC Nantes can match non-fungible tokens to physical merchandise. The team will create two token types, one only clubs can create and one that fans can mint. The latter will not provide special privileges, however. 

Gaining Banking Support

A somewhat unexpected development is the support for Tezos by European financial institutions. Incore Bank, Inacta, and Crypto Finance Group leverage this ecosystem for building compliant digital financial products. There is also a new token standard for asset tokenization and support for institutional-grade storage, staking, and trading of XTZ. Its impact on the Tezos price remains unclear. 


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