Tezos (XTZ), it’s a good time to buy it. Here are explained, all in detail, the reasons why we think so
Tezos (XTZ), which traded steadily on Thursday, remains one of the quietest cryptocurrencies on the market despite some small gains from the bullish action of Ethereum and Bitcoin. At the time of writing, the USD was trading at $ 7.20.
What is Tezos?
Tezos (XTZ), a blockchain network, is linked to a digital token. This is known as “tez” and “tezzie”. Tezos does not use mining to generate tez. Token holders receive a reward for participating in the proof of stake consensus mechanism.
Tezos had a promising start and a successful initial cryptocurrency (ICO) offering, but then came a lot of delays and legal problems. Tezos was able to survive the crypto bear markets thanks to its unique stakes proof mechanism.
Between October 2019 and February 2020, the price of tez increased more than three times and reached record highs. Tezos is still a popular cryptocurrency and continues to be in the Top 40.
- Tezos (XTZ), a blockchain network, is linked to a digital token. This is known as tez, or “tezzie”.
- Tez is not based on mining and is based on proof of participation.
- The Tezos ICO was a huge success, but it was followed by lawsuits and falling prices.
- The start of 2020 saw record prices for tez, sparking new speculation about its investment potential.
Bank of America (BofA), shows interest in Tezos
While its price action is still subdued compared to most of the market, we chose to take a closer look today due to several important fundamental developments.
Its inclusion in Bank of America’s Digital Assets Primer is one of the most important. While cryptocurrencies haven’t seen much interest and traction in traditional finance, this has changed over the past year.
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Financial institutions are now looking for ways to invest digital currencies. Although the BofA report focuses on Ethereum and Bitcoin, it also mentions developer interest as a factor that could boost the success of other cryptocurrencies. Tezos is the leader in this regard and it is worth keeping an eye on.
Growing interest
Tezos, in addition to the mention of BofA, has also received considerable attention from other banks and financial institutions around the world. Arab Bank Switzerland, for example, has used its blockchain infrastructure to offer institutional-grade storage, staking and trading of the XTZ coin. It is the first bank to offer crypto services that include staking, which allows customers to earn more with digital assets.
SEBA Bank, a Swiss-based bank, has launched a yield farm service for clients. Clients can stake and earn rewards in their holdings of XTZ and other ADA or DOT cryptocurrencies.
The program, called SEBA Earn, will allow institutional and retail investors to join the DeFi trend. It is backed by a major financial institution.
21Shares, the world’s largest cryptocurrency-based ETP issuer, recently announced the listing of Tezos ETP on Euronext Paris and Euronext Amsterdam. The company has launched five new ETPs, including Tezos ETPs. This allows users to trade cryptocurrencies against the euro or the US dollar.
The XTZ token can be supported by major announcements in the NFT space, as well as its acceptance in traditional finance. Tezos will host an NFT exhibition at Art Basel Miami Beach 2021. It will show a digital set in an NFT exclusive exhibition within a physical space.
XTZ / USD technical analysis
The price chart for XTZ / USD shows that most of the moving averages, along with the leading MACD / Motivation technical indicators, suggest a bullish bias among investors. Tezos price appears to be moving towards $ 7.68 as a pivot point and may soon break above that level if buying pressure continues.
XTZ is comfortably above the $ 6.22 support level. This is a great time to take a close look at the pivot point and start a buy trade in this cryptocurrency pair early.