During the current bull run, the host of popular crypto channel Coin Bureau is examining whether veteran altcoin Tezos (XTZ) has what it takes to reclaim prior all-time highs.
Guy, an expert with 1.84 million YouTube subscribers, says the Ethereum (ETH) competitor’s built-in adaptability is critical to its long-term chances in a new video.
“Tezos is on track to become one of the top cryptocurrencies.”
The Coin Bureau presenter points out that the price of XTZ is still cheap after three years, especially when compared to the performance of Bitcoin (BTC) and Ethereum during the same time period.
He explains that the Tezos Foundation receives a significant portion of the proceeds from XTZ sales, whether from original allocation, staking and delegation rewards, or both.With few exceptions, XTZ’s price has been suppressed from its inception due to alleged selling by these and other entities such as institutional investors.
Guy goes on to cite a number of key business relationships that have boosted XTZ’s pricing, including last April’s deal with game maker Ubisoft and May’s deal with Red Bull’s Formula 1 racing team. Tezos was used to build the music-focused non-fungible token (NFT) marketplace OneOf, which raised over $60 million in financing last year.
XTZ Price analysis
The analyst says regardless of how bad XTZ’s price action has been, its institutional alliances are undeniably impressive.These collaborations, along with Tezos’ ongoing enhancements and new DApps [decentralised applications], are starting to drive XTZ demand.
The favourable price trend it’s been in since the previous bear market demonstrates this. If the current trend continues, I believe XTZ will retest its prior all-time high of $10 before the bull market ends.
Tezos is an open-source platform backed by a worldwide community of validators, academics, and builders that overcomes key barriers to blockchain adoption for assets and applications.
Tezos is built with long-term upgradability, open participation, cooperation, and smart contract security in mind.
At the time of writing, XTZ is trading at $4.15 down by 4% in the last 24 hours.
It started the year 2022 at roughly $4.50 and climbed as high as $5.31 before reversing course on Wednesday.