Tezos began surging as the year-end approached as the cryptocurrency market moving upwards. The cryptocurrency broke the all-time high of 2018 during late October amidst strong bullish pressures. The new all-time high lies at a price level of $9.14. The cryptocurrency subsequently fell under bearish pressures but recent performance indicates the price may be undergoing a revival. At the time of writing, the cryptocurrency stands at a price level of $5.21. The price movements shows that XTZ token increased by more than 25% during the past twenty-four hours while the weekly performance is nearly neutral. The daily trading volume has jumped upwards by around 550%. Tezos currently stands at a market rank of #39 with the capitalization growing steadily.
Recent updates
Tezos introduced its eighth protocol upgrade during the beginning of November. The 8th protocol upgrade – Hangzhou – has a lot of interesting features which will improve the functionality of the network. The upgrade has a time lock that is designed to increase transaction fairness. The Views technology enables greater smart contract interconnectivity with a global table of constants reusable smart contract code. The upgrade has also introduced a context flattening option for storage optimization and a cache for streamlined performance.
Moreover, the Tezos network is also going to be holding a Hackathon in Berlin from 10th to 12th December. The Hackathon has two tracks with an offer of $15,000 in XTZ across both tracks to be won. The “Open the Metaverse” Hackathon is expected to contribute positively to the network as it is aimed at fostering innovation and development for XTZ’s network. Moreover, Tezos is also aiming to increase innovation by incentivizing developers in the blockchain space through the hackathon.
Apart from this, Ubisoft – the popular French video game company – has released their first in-game playable NFTs on Tezos. The XTZ Clean NFT Community was also on display at ArtBasel in Miami Beach 2021. The ecosystem exhibition featured 26 artists from 15 countries with nearly 5,000 wallets and NFTs minted.
Tezos – Future outlook
Tezos is a blockchain-based smart contract ecosystem that is similar to Ethereum; however, the technology of the network is much more advanced than that of the queen of the market which sets it apart from the crowd. The future outlook of the cryptocurrency is bullish due to its strong fundamentals coupled with the recent activity going on in the network. According to the estimates of Wallet Investor, the cryptocurrency is expected to be operating at a price level of $16.19 in a year’s time while the five-year projection places it at $15.56.
