Categories: Uncategorized

Three reasons the Tezos (XTZ) price is up nearly 70%

The XTZ price broke the downtrend with a rapid increase of 70% after it was announced that Ubisoft’s new NFT platform, which is based on the Tezos blockchain, was released in various media.

2021 will be a breakthrough year for the crypto market, and in addition to the Bitcoin price soaring to a new all-time high (ATH), the advent of the vast DeFi ecosystem, and the growing popularity of the proliferation of NFTs, blockchain technology has propelled blockchain technology to become mainstream to ensure mass adoption.

One project that has benefited from the focus on NFT and the ongoing green revolution is Tezos (XTZ), a Layer 1 smart contract protocol that is capable of expanding its network without a hard fork.

Data from TradingView shows that after hitting a low of $ 3.23 on December 3, XTZ price reversed, rising nearly 70% to $ 5.72 today.

XTZ / USDT 1 day frame diagram | Source: TradingView

The three reasons for the price recovery at Tezos are the introduction of Ubisoft NFT on the Tezos blockchain, the focus of the projects is on creating an environmentally friendly blockchain platform, increasing the transactions and the revenue from the protocol on the Tezos network.

Cooperation with Ubisoft

The most recent development for Tezos that changed prices was the announcement of a significant partnership with video game maker Ubisoft. The game company is launching Ubisoft Quartz, a platform where users can purchase unique NFTs called Digits that can be used in the game, and the platform will use the Tezos blockchain.

https://twitter.com/tezos/status/1468268518877630476?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
“Ubisoft Quartz is based on Tezos, an energy-efficient and self-scalable proof-of-work (PoS) blockchain.”

Blockchain-based gaming has become one of the hottest areas of the crypto ecosystem in the second half of 2021, and a partnership with one of the largest video game manufacturers in the world could lead to long-term bullish results for Tezos.

The beta for Ubisoft Quartz is scheduled to start on December 9th and Tom Clancy’s Ghost Recon: Breakpoint will open to players. Players who meet certain criteria can receive three free NFT items from the early platformer drop.

Focus on ecological sustainability

Another reason for Tezos’ growing strength is the protocol’s focus on creating a sustainable and environmentally friendly blockchain network. The network uses the PoS consensus mechanism, which is known to provide an energy efficient alternative to more traditional proof-of-work (PoW) blockchains like Bitcoin.

According to a report published by the project, “the total annual carbon footprint of the Tezos blockchain is equivalent to the average energy emissions of 17 world citizens”.

Reducing the energy required to operate the Tezos network, which has been a goal of the project for some time, has resulted in a 70 percent increase in energy efficiency per transaction for the network by 2021, resulting in “electricity demand” for each transaction in 2021 is 30% lower than in 2020 ”.

Transaction volume and increase in sales

In the past few days alone, the Tezos network has seen a surge in transaction volume and revenue from the protocol as each network climbed to its highest level of 2021.

Daily XTZ trading volume vs. total turnover | Source: Token Terminal

As seen in the graph above, Tezos’ trading volume soared to a record high of $ 369 million on December 3, which could be an indication that some investors have caught the news about Ubisoft.

Activity and revenue soared as the project announced the completion of the Hangzhou upgrade, the eighth protocol upgrade for the Tezos network that demonstrates the project’s ability to modify and upgrade itself without hard fork.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

1 hour ago

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

2 hours ago

Book of Meme Old News? This Best Meme Coin to Invest in 2024 Is Multiplying Gains Like a Champ

Over the years, meme coins have evolved from inside jokes into serious investment opportunities.

3 hours ago

Time’s Ticking on BlockDAG’s 5-Tier Bonus- Few Days Left to Grab It While Cardano Whales Take Action, Aave Rallies Strong

Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…

3 hours ago

Best Altcoins to Buy for 2025: Qubetics Presale Surge, Solana’s Lightning Speed, and Cardano’s Blockchain Revolution

Discover why Qubetics, Solana, and Cardano are redefining the crypto landscape. Learn about milestones, price…

4 hours ago

Why Qubetics, NEAR Protocol, and IMX Are Dominating Crypto: The Best Altcoins to Join Today for Game-Changing Returns 

Discover why Qubetics, NEAR Protocol, and Immutable X are the best altcoins to join today,…

6 hours ago

This website uses cookies.