Tezos price has risen by 17% in the past 24 hours, the market cap is reach at $ 3.4 billion

Tezos (XTZ) price is up 17% in the past 24 hours, trading around $4.07. At this price, the XTZ market cap registers at $3.4 billion.


XTZ/USD 4-hour chart | Source: TradingView

Tezos price up 17% on the day, reaching the peak at $4.12

Tezos started to rise around this afternoon, from $3.3 to a peak at $4.12. During that same period, daily trading volume more than tripled, from $108 million to $322 million. This can be seen as Tezos’ second bull run since the first in early May when XTZ hit a high of around $8.27.

Tezos launched in 2018 as one of the first Proof-of-Stake blockchains while Proof-of-Work was still very active. Until now, though, Proof-of-Work has fallen out of favor, especially since last month after Tesla CEO Elon Musk said goodbye to Bitcoin because of the network using the Proof-of-Work mechanism.

Musk, one of the richest men in the world, has vowed to support energy-efficient projects. Although he didn’t mention Tezos, quite a few people had their eyes on it. Since Tezos does not rely on mining that uses complex algorithms, it is also unaffected by the crackdown on mining expected to take place in China.

Last month, NFT also thrived on Tezos – the blockchain that boasts cheap transaction fees and faster confirmation times than Ethereum. This past May, the NFT Hic Et Nunc project on the Tezos blockchain surpassed volume on Opensea, a popular marketplace for Ethereum NFTs.

Reid Yager, head of communications for BlokHaus, said:

“Tezos is home to the largest and fastest-growing NFT community and a booming DeFi ecosystem: factor in its on-chain governance where conversations on upgrades give a glimpse of what’s ahead, no wonder people are finally waking up to the sleeping giant that is Tezos.”

Yesterday, Sergio “Checo” Perez won the Grand Prix in Azerbaijan in a car with the Tezos logo on it. Whatever the reason, XTZ holders riding on a bullish wave are paying off with their faith in Tezos.

Disclaimer: Opinions expressed at AZCoin News are not investment advice. Investors should do their due diligence before making any high-risk investments in cryptocurrencies. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. AZCoin News does not recommend the buying or selling of any cryptocurrencies.

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