This Crypto is “Defying Gravity” as Uptrend Shows No Signs of Stopping
Throughout the past several weeks and months Tezos has been one of the best performing cryptos, with its massive rise only being rivaled by that seen by Chainlink.
This strength has led the crypto to essentially “defy gravity” – seeing an uptrend so strong that bears haven’t been able to make any successful attempts to thwart or invalidate it.
One driving factor behind this strength has been the general bullishness seen by the proof-of-stake (PoS) sector, with many of Tezos’ peers also seeing immense upwards momentum.
At the time of writing, Tezos is trading up over 7% at its current price of $2.30, up from daily lows of $2.09 that were set early yesterday.
Throughout the past few days, XTZ has seen some immense volatility that has led the cryptocurrency to form a relatively wide trading range between $2.09 and $2.35.
The crypto is now attempting to retest these range highs that were set just a couple of days ago, and it could see further momentum if it is able to surmount this level.
These current range highs also mark the highest prices the crypto has seen in the time following its capitulatory decline on March 12th, meaning that a break above this level would be significant from a technical perspective.
One popular trader on Twitter spoke about the intensity of XTZ’s uptrend in a recent tweet, explaining that it is “defying the laws of gravity” while pointing to a chart showing its firm uptrend in the time following its recent falling wedge breakout.
According to a recent report from blockchain data firm Messari, the growing trend of “staking as a service” – in which crypto exchanges like Coinbase and Binance allow users to automatically stake their tokens – is a trend that is likely to grow in in Q2.
“Staking will also be a prominent theme in the next quarter as more exchanges and custodians (and maybe even funds) start to add or bolster their staking platforms,” they noted.
It is important to bear in mind that the start of Tezos’ insane uptrend coincided closely with news regarding Coinbase offering staking rewards on XTZ tokens staked on their platform.
This feature came about in early-November of 2019 while the crypto was trading at under $1.00.
Almost instantly after the announcement was made, it began the uptrend that would eventually lead the crypto to highs of nearly $4.00.
With that being said, the growth of PoS projects and their forced adoption via the growth of staking as a service initiatives may help catalyze further momentum for Tezos and other PoS tokens in the quarter ahead.
Featured image from Unsplash.
Author: Cole Petersen
Image source: pixabay
50% of American Crypto Users Hold Bitcoin to Fight Inflation
- Half of respondents see a traditional finance crisis leading to a flight to Bitcoin.
- Mobile mining, an altcoin resurgence, institutional investing, and payments are also drivers of adoption.
- The survey found more than 50% respondents saw the U.S. as driving crypto forward.
Paxful has released the results of a survey of Americans who have a working knowledge of cryptocurrency. The results suggest that Bitcoin adoption will be driven by investors looking for alternatives to traditional finance.
The survey was designed to better understand what the future might hold for digital assets.
Beyond simply measuring how many people own and use cryptocurrencies, the study probes what people think might drive adoption.
It highlights a continued belief in a positive future for digital currencies and also touches on Bitcoin’s ability to address the flaws that have become increasingly apparent in the traditional financial system.
The effects of a global pandemic have further exacerbated these flaws and may have made more room for the burgeoning crypto industry. More than 60% of respondents believe that cryptocurrencies will have fully infiltrated finance within the next decade.
Respondents indicated that everyday payments (69%) and combating inflation and corruption (50%) are Bitcoin’s top use cases.
A majority of respondents felt that payments made with cryptocurrencies offer a better alternative to costly and complex wire transfers.
According to survey responses, the countries most fit to lead a payments revolution are the USA (64%), the UK (39%), Europe (30%), South East Asia (32%), and Africa (22%).
Paxful CEO Ray Youssef said of the results that:
“We have always believed that cryptocurrency and blockchain had the power to break down the barriers that prevented financial inequalities in emerging markets. We are now seeing those same practices and beliefs come to life among world superpowers and are excited to be a part of what will hopefully be the beginning of a new and improved financial system.”
A more comprehensive look into the Asian and African representations can be found in The Economist Intelligence Unit’s recent study finding digital payments heavily favored among developing countries.
Still, a lack of knowledge appears to be the greatest barrier to further Bitcoin adoption.
Participants in the study suggest that mobile mining and an altcoin run could help overcome this barrier.
Concluding, users are eager to explore new alternatives in the way they handle money.
This attitude has likely been accelerated due to the current financial climate. For entrepreneurs in the space, ground zero for further adoption appears to be educational resources, payments and reacting to the needs of emerging markets.
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Author: by Paul de Havilland