A popular crypto channel, Coin Bureau, is a veteran altcoin. Tezos (XTZ) explores if he has what it takes to retrace previous all-time highs during the current bull run.
The analyst known as Guy tells his 1.84 million YouTube subscribers in a new video that the built-in adaptability of its Ethereum (ETH) competitor is key to its long-term prospects.
“Tezos is one of the few cryptocurrencies designed to constantly evolve, not just to survive but to succeed… Tezos is on track to become one of the most valuable cryptocurrencies.”
Tezos was first designed in 2014 and its native token XTZ was launched in 2018. According to the project website, Tezos views both design and governance as critical factors as keys to ensuring success.
“Tezos is an open source platform powered by a global community of validators, researchers and developers that addresses key barriers to blockchain adoption for assets and applications.”
By design, Tezos embraces long-term upgradability, open participation, collaboration, and smart contract security.”
The Coin Bureau server observes that the XTZ price has still been underpriced over the past three years, specifically taking as an example how Bitcoin (BTC) and Ethereum have performed over the same time period.
“XTZ hasn’t performed that well compared to most other cryptocurrencies… just about a 10x plus. ICO [halka arz] instead of Tezos [kendi] If they had held their BTC and ETH, they would have increased almost 20 times.
We can assume that the Tezos Foundation is aware of BTC’s ability to serve as a store of value.
Simply put, the Tezos Foundation may be receiving a substantial amount of money from XTZ sales, whether from initial allocation, betting and delegation rewards, or both.
With a few exceptions, this and the alleged sell-off by other entities such as institutional investors is probably the reason why XTZ’s price has been suppressed since several beginnings.”
Guy continued by citing several key corporate partnerships that have driven up the price of XTZ, including the one with game developer Ubisoft last April and Red Bull’s Formula 1 racing team in May. Among other partnerships, the music-focused, non-fungible token (NFT) marketplace OneOf is built on Tezos and raised over $60 million in capital last year.
The host of the YouTube channel ended his analysis of XTZ with a price prediction:
“No matter how weak XTZ’s price action is, it cannot be denied that their institutional partnership is quite impressive.
Alongside these partnerships are Tezos’ ongoing upgrades and new DApps. [merkezi olmayan uygulamalar]is starting to create serious demand for XTZ.
This is clearly visible in the positive price trend it has been in since the previous bear market. If this momentum continues, I bet we could see XTZ retest its all-time high of $10 before the bull market ends.”
At the time of writing, Tezos is down about 1 percent to $4.22. Starting 2022 around $4.50, the altcoin rallied as high as $5.31 before returning to lows on Wednesday.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.