Even though most of the top cryptocurrencies still look bleak, the Tezos price is taking a very different route. It is noting some strong gains while the other markets are on shaky legs yet again. Because of these recent price changes, the Tezos market cap has now surpassed VeChain, which is another interesting development to keep an eye on.
Tezos Price is Turning Bullish
It is always interesting to see how different cryptocurrencies behave under pressure. In the case of Bitcoin, things remain relatively stable and borderline boring. Ethereum is getting battered again, as it has been over the past few weeks. One currency generating some buzz is Tezos, as its price is rising fairly quickly as of right now.
Thanks to a solid 5.59% increase over the past 24 hours, things are looking rather good for the Tezos price. This gain has materialized thanks to solid improvements in both the USD and BTC department. As its momentum intensifies, it is very likely the Tezos price will continue to surge toward the $1.3 mark in the coming hours.
Several interesting developments are taking place in the world of Tezos as of right now. A recent post with Tezos Foundation President Ryan Jesperson seems to indicate the project’s main net is inching closer to being released. As of right now, Tezos is still in beta, and the test net has been running for over three months. No official date regarding an official launch date has been announced as of right now.
— Tezos Foundation (@TezosFoundation) September 10, 2018
Secondly, it appears a new “partnership between Tezos and Gate.IO will ensure baking rewards will be distributed to all holders based on their average daily balances every week. For traders who have successfully stocked up in XTZ over the past few weeks and months, this is some very positive news. It also shows exchanges are paying a lot of attention to what is going on in this ecosystem exactly.
Last but not least, speculators have high expectations regarding the Tezos price. As can be seen below, a lot of tokens are being baked as of right now. Given Tezos’ emphasis on delegated proof-of-stake, it is likely the demand for this token will only increase as time progresses. Whether or not things will improve in a major way, remains to be seen, but it is something to keep in mind at all times.
Most casual crypto fans think #tezos is an ERC-20 ICO, because they don't do research. With 81% of all activated $xtz currently staked ("baked") when the herd gets wind of this delegated proof of stake coin with on-chain governance, the price is going to squeeze sky high.
— ȼя¥ρţ๏ StiLL FeRReLL (@shillferrell) September 6, 2018
For the time being, everything is seemingly coming together for Tezos and the token price. After the lengthy struggles this token has seen, some positive momentum is more than welcome. Despite the relatively low trading volume, things are progressing nicely. One has to keep in mind a lot of tokens are being baked, rather than traded, which will cause the overall volume to be on the low side of the spectrum.