- Tezos gains 23% in one day to hit a record peak past $8. 7.
- The altcoin recorded its highest peak at $8.83 on October 3 after an extended bullish move on Wednesday when the asset traded at $5.51.
- Staking volume and DApps have helped Tezos rise high.
XTZ has recorded impressive performance since late September. The lucrative actions had the altcoin touching its ATH around $8.83 on October 3.
Tezos maintained an upside outlook even when some assets plunged by two digits. Meanwhile, the cryptocurrency’s year-on-year gains stand at 243% from September 27 last year to September 27, 2021, when the coin hit $6.889. While writing this article, XTZ debits a bullish attitude.
Also, Tezos maintained an upside monthly trajectory, surging 62.9% from $5.31 over the past 30 days. On Wednesday, September 29, XTZ’s Relative Strength Indicator displayed a significant bearish divergence. Such actions came even when the altcoin’s technical parameters remained bullish.
However, the alternative token entered a tight symmetrical triangle shape last week. XTZ traded at $5.51 on Wednesday’s sessions following continuous downtrends. While publishing this content, the altcoin hovers at $8.29 (Coinmarketcap.com data). Meanwhile, its 24-hour trading volume is at $2307420323.
2021 May was the last time Tezos overpowered the $8 level. However, bulls could not sustain the uptrends due to the market crash that followed. With the plummeting, XTZ plunged to $2.43 before it closed at $3.61.
Staking and Upgrade Contribute to Bullishness
Tezos is a layer2 PoS blockchain introduced by Arthur Breitman and Morgan Stanley. The unique thing is that the blockchain can upgrade itself using protocol amendment processes. Moreover, Tezos does not necessitate a hard fork.
Tezos implemented its latest platform update in 2021 August. The upgrade introduced reduced gas fees and faster transactions. Decreased transaction charges attracted new users to the platform as it impacted the coin’s value.
Official data by Tezos on September 26 indicated that the network recorded 76.16 % of the overall staked supply. Platform’s staking results in limited assets in the market, catalyzing price upticks.
Tezos DApp Marketplace Gains Momentum
Since Tezos is an ETH-based layer2 blockchain with ‘smart’ contract capabilities, developers can create Dapps seamlessly. Its ‘smart’ contracts gained 5.2M calls in October compared to 3.2M in September. For now, the cryptocurrency platform has 135 ongoing Dapp projects.