Over $178 Mn Worth of Tezos [XTZ] Traded in 24 Hrs As Volumes Reach ATH; Is This an Opening For 5$?


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Over $178 Mn Worth of Tezos [XTZ] Traded in 24 Hrs As Volumes Reach ATH; Is This an Opening For 5$?

It’s a Tezos’ coronation. It’s a vesting of a new king and a “killer” project.

Statistics reveal that XTZ, the native currency of the smart contracting blockchain, is king.

XTZ Trading Volumes at new Highs

XTZ bulls are fired up. The coin is up by double digits in the past trading week, adding 32%, and 97% in the last trading month.

But, behind the price explosion is another interesting metric that shows traders’ demand and attention to a coin that seems to have rallied from obscurity, cementing its place in the top 15.

A glance at the volumes chart shows that the number of XTZ contracts are at an all-time high. In the past trading day, 67,181,964 XTZ or $178.5 million, changed hands.

From this, there are 660.3 million XTZ coins in circulation from a total supply of 763,306,930 according to coin trackers.

As trading volumes soar (demand), prices broke above an important resistance level at$2, and now XTZ is treading at new all-time highs in tandem with some investors speculating that the coin may soar to $50 in days ahead.

Trading Volumes as a Liquidity Metric

Trading volumes can help a trader determine the liquidity of an asset.

In this case, XTZ’s volumes have been steady, rising exponentially in the past few weeks to spot levels.

TEzos coinmarketcap
Tezos XTZ Trading Volumes | Source: Coinmarketcap

It is expected that as XTZ prices rally because of bullish fundamentals just like the listing of an XTZ perpetuals futures at Binance Futures, its volumes will continue to skyrocket as investors/speculators flow back.

Tezos (XTZ) at Binance Futures

But aside from listing at Binance Futures where trading on leverage is allowed, joining the likes of XRP and other coins listed by the exchange, Tezos’ governance model has the attention of Weiss Ratings.

The asset ratings agency lauds the network’s level of decentralization.

It employs a Proof-of-Stake consensus model and recently, the release of Tenderbake, would further enhance the platform.

Weiss Ratings, on a Twitter post, said the network was decentralized, and it has pulled ahead of the rest.

“Tezos stands alone as the most decentralized POS crypto on the planet by far. It is one of the key factors why XTZ has become so successful as a smart contract platform in less than two years of operation.”

Author: Dalmas Ngetich
Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through his writing insights and coin price chart analysis. Follow him at @dalmas_ngetich
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Dalmas Ngetich 335 Articles
Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through his writing insights and coin price chart analysis. Follow him at @dalmas_ngetich
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