{"id":236932,"date":"2022-05-25T12:15:19","date_gmt":"2022-05-25T06:45:19","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=236932"},"modified":"2022-05-25T12:04:13","modified_gmt":"2022-05-25T06:34:13","slug":"is-xtz-tezos-poised-to-leverage-strong-growth-during-the-next-bull-run","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/is-xtz-tezos-poised-to-leverage-strong-growth-during-the-next-bull-run\/","title":{"rendered":"Is XTZ [Tezos] poised to leverage strong growth during the next hike up"},"content":{"rendered":"

The Tezos blockchain has enjoyed robust growth in network adoption and transactions in the last few months. Most of this growth is from the NFT market and it highlights one of the reasons why XTZ will likely be in the list of best performers in the next bull run.<\/p>\n

Tezos has so far secured its place as one of the most affordable and fastest NFT and smart contract blockchains. Tezos recently pinned a post highlighting an explosion of transactions in its network in the first half of 2022. The explosive growth was backed by an influx of artists and collectors preferring to use Tezos as digital art gained popularity.<\/p>\n

Strong growth often underpins a native cryptocurrency\u2019s strong performance. However, Tezos\u2019 impressive transaction growth may not have reflected well on XTZ\u2019s performance. This is because the cryptocurrency was severely affected by the bearish conditions that prevailed in the first half of 2022.<\/p>\n

XTZ price action<\/strong><\/h3>\n

Although the network growth did not yield a lot of bullish activity for XTZ, it may provide insights as to what to expect. XTZ peaked at $9.16 in October last year and fell as low as $1.446 on 12 May 2021. It traded at $1.98 on 24 May, highlighting some recovery.<\/p>\n

\"\"<\/a>
Source: TradingView<\/figcaption><\/figure>\n

XTZ\u2019s latest price action reflects some accumulation at its recent lows. However, its current rally is barely enough to push it close to its resistance line in its downward channel. Its press time performance is heavily correlated with the rest of the crypto market. The latter has been characterized by relatively low price movements in the last two weeks.<\/p>\n

XTZ\u2019s on-chain metrics <\/strong><\/h3>\n

XTZ\u2019s market cap has increased to its highest levels in the last two weeks. Its supply held by whales bottomed out between 19 and 21 May but it also highlighted a significant uptick up to date.<\/p>\n

Meanwhile, NFT trade volumes peaked at the start of May but remain at healthy levels. For example, it registered $24 million worth of total trades volume on 23 May, an impressive feat considering this is its lowest monthly volume.<\/p>\n

\"\"<\/a>
Source: Santiment<\/figcaption><\/figure>\n

The Tezos blockchain is currently enjoying healthy activity but there is a clear disparity with XTZ\u2019s performance. Its strong growth may finally start generating an impact in the long run when the bulls return.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Tezos blockchain has enjoyed robust growth in network adoption and transactions in the last few months. Most of this growth is from the NFT market and it highlights one of the reasons why XTZ will likely be in the list of best performers in the next bull run. Tezos has so far secured itsContinue reading “Is XTZ [Tezos] poised to leverage strong growth during the next hike up”<\/span><\/a><\/p>\n","protected":false},"author":63,"featured_media":236935,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-236932","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"\nIs XTZ [Tezos] poised to leverage strong growth during the next hike up - AMBCrypto<\/title>\n<meta name=\"description\" content=\"The Tezos blockchain has enjoyed robust growth in network adoption and transactions in the last few months. 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