Tezos is amongst the best performing Altcoins throughout the last month. In 30 days, the cryptocurrency has managed to gain roughly 90 percent of its value.
XTZ was trading at around $0.44 just a month ago. Its price at the time of this writing is sitting at $0.77, following a daily high of $0.84, which is roughly around 91 percent gains. On the daily, XTZ is marking an increase upwards of another 10 percent. Tezos’ current market capitalization stands around the $500 million mark, whereas most of its trading volume comes from Gate.io, Kraken and BitMax exchanges.
Tezos gained popularity after managing to raise a whopping $232 million during its successful ICO. However, the project has had a bumpy ride ever since, embroiled in a variety of legal battles, as well as long-lasting scandals. Perhaps one of the most notable issues followed the US Securities and Exchange Commission (SEC) decision to bring Tezos under its regulatory purview.
The Reason Behind Tezos (XTZ) Gains?
Looking at the incremental increases in XTZ’s price, mapping out the reasons for its recent moves is definitely interesting:
It appears that there’s a lot that has been going on with Tezos throughout the past 30 days. Most notably, is thath the multi-million dollar blockchain project managed to officially conclude its very first round of voting for two competing system-wide upgrades.
On March 20, the first round of voting on the Tezos blockchain closed, choosing between two competing proposals called “Athens A” and “Athens B”.
With as much as 25,855 votes from the community, the upgrade that won the majority of bids from bakers was “Athens A.” The protocol’s proposition is to introduce two different backwards-incompatible changes to Tezos’ network.
The first change is to increase the gas limits on the blockchain, allowing for a higher transaction throughput. The second change concerns roll sizes. These are the aggregated Tezos tokens which are held by bakers in order to be randomly selected in the process of block creation. It will be reduced from the current number of 10,000 XTZ, to 8,000 XTZ. This amendment would essentially lower the barrier to entry for bakers on the network and, hence, improve block creation.
While there are other steps to be taken before the proposed changes come into activation, news of the kind are usually a precursor for significant price moves, as it is the case with Tezos’monthly performance.
Thailand’s blockchain program
Moving forward, earlier this month Thailand’s Chulalongkorn University announced that it will be teaming up with Tezos Southeast Asia in order to create the country’s premier blockchain education and research programme.
In an attempt to spread further awareness of the project, the Tezos Foundation has partnered up with B9lab, creating educational and training programs which are Tezos-Centric. B9lab is amongst the leading providers of blockchain training and education programs.
Obviously, there’s a lot of development revolving around Tezos, which is likely to be among the reasons for its increasing price.
We’re in 2019’s Alt-Season, after all
Another factor worth mentioning is the overall state of the cryptocurrency market. As Cryptopotato recently reported, there are various rather definite signs that we’ve entered 2019’s Altcoin season.
Tezos (XTZ) price surge further highlights this period. Altcoin seasons are characterized by substantial moves in the prices of altcoins, as well as a reduced dominance of the market’s forerunner – Bitcoin (BTC).