A lot of interesting market momentum is forming across all cryptocurrency markets. Some currencies inched in the green, whereas others are not necessarily seeing any significant momentum. For the Tezos price, the negative trend materializing on Sunday seems to have been broken, although the current gains remain relatively small.
Tezos Price Shifts Gears Again
The past 24 hours have been interesting for Tezos price watchers despite the lack of overall momentum. More specifically, yesterday saw the beginning of an impending Tezos price decline, and the situation has not improved ever since. In fact, it seems the negative trend will not continue today, as the price is up by 0.14% over the past 24 hours.
While it is true such a small uptick is absolutely nothing to be excited about just yet, it also shows the Tezos main net launch is not necessarily having the effect people expected. Instead, it seems the surrounding announcement caused all of the price action, whereas the actual development will result in a typical market slump, or even dump, if push comes to shove.
Looking over the social media activity, there isn’t too much going on regarding Tezos. All media outlets are intent on hyping up the main net launch even further, even though this development has been announced nearly 72 hours ago. The novelty has worn off quite a bit, and it seems unlikely the Tezos main net launch will impact the price today, unless some other development takes place in the process.
For a project which conducted one of the most successful ICOs in the industry, there will be a lot of scrutiny if the Tezos main net doesn’t deliver right away. Any sort of issue will be highlighted very quickly, and the cryptocurrency community can turn very hostile when things go awry. For now, the community awaits the official launch, as that is still a few hours away. Even so, the Tezos price remains in the red until something influences it directly.
One particular worry is how the XTZ trading volume has all but dried up in the process. With under $3m worth of trades in 24 hours, this particular token is not as hot or popular as some people may want it to be. That is not necessarily a bad thing either, yet it is important to put everything in its right perspective. On the upside, Tezos needs $48m added to its market cap to surpass the $1bn mark once again.
For the time being, it remains to be seen what the future holds for the Tezos price. There are a lot of things which can go wrong or right in the hours to come. As of right now, the market seems torn between buying and selling, which can explain the low overall volume. Overcoming this deficit can be done with a successful main net launch.
