Laggard of the crypto bull run, is Tezos poised for a breakout?

Coinhead Derek Rose
Tezos

Getty Images

In most markets, tripling in just over four months would be a respectable performance. But with other cryptocurrencies like Dogecoin, Polygon and even Pirate Chain going parabolic, self-governing blockchain Tezos‘ 2021 performance can only be regarded as a bit of a disappointment.

Could that be about to change?

Respected Dutch cryptocurrency trader Michaël van de Poppe is among those who see the No. 34 cryptocurrency ready to make a move.

This afternoon Tezzies were changing hands at US$6.01, up 5.3 per cent from yesterday.

Aside from bullish price action, backers say a number of projects are materialising on the Tezos blockchain, adding value to the project, whose main claim to fame is its self-amending nature. Tezos holders vote on upgrades to the protocol, avoiding the need for contentious “hard forks”.

An NFT marketplace called Hic et Nunc launched on Tezos two months ago, a Uniswap-like decentralised exchange called QuipuSwap is in beta testing and Bender Labs last week unveiled its “wrap protocol,” a decentralised bridge between Ethereum and Tezos that allows for token swaps between the networks.

That said, not everyone is convinced.

 

 

Join our Cryptohead Facebook group to discuss all things cryptocurrency.

Related Topics

CryptocurrencyEthereum

Related Stories