Bitcoin has struggled to break back over the psychological $10,000 mark in recent weeks but not all cryptocurrencies are treading water, with top 15 token tezos soaring—though some think bitcoin could be about to “explode.”
While bitcoin, the world’s original and most valuable cryptocurrency, has risen almost three-fold over the last 12 months, tezos has rallied some 400%—climbing from under $0.40 per tezos token in February 2019 to just over $2 today.
Tezos, trading as XTZ, has risen by 10% over the last 24-hour trading period, taking its year-to-date gains to almost 50% and giving it a market capitalization of around $1.4 billion.
At the beginning of the year, tezos was the 15th most valuable cryptocurrency by market capitalization, according to CoinMarketCap data, but has now climbed to 11th—and is in touching distance of the top ten.
Tezos, which styles itself as a “self-amending cryptographic ledger” and uses the so-called proof of stake consensus model, has emerged as a favourite blockchain and cryptocurrency for tokenized real-estate and security tokens.
Tezos holders, if their funds are stored in certain wallets, can “stake” their XTZ and receive additional tokens as a reward for creating and verifying new blocks in the chain.
The tezos rally, which began in November last year, has been pushed on by major partnerships with the financial world and the so-called Tezos Foundation’s Faucet, that awards users up to 0.01 XTZ every 12 hours.
Last year, Brazil’s BTG Pactual bank and Dalma Capital, a Dubai-based asset manager, announced they would use the tezos blockchain for security tokens. Meanwhile, Elevated Returns said it would use tezos to tokenize its real estate in Aspen.
Tezos’ XTZ tokens began trading in late 2017 at the height of global bitcoin and crypto mania after the Switzerland-based non-profit Tezos Foundation raised $232 million in an initial coin offering.
At its peak, tezos was worth a little over $10 per XTZ token but lost over 95% of its value throughout the dire so-called crypto winter of 2018-2019.