Although the year 2018 has not been the easiest for Tezos, it seems the project is finally hitting its stride. Despite facing numerous setbacks over the months, and losing a lot of value in the process, the XTZ price is rebounding slowly. Some positive news behind the scenes could help this market recover in the coming weeks. Even so, sustaining any extended uptrend will remain difficult.
Tezos Price Bounce Looks Promising
Considering how all cryptocurrencies have lost tremendous value throughout 2018, it is not surprising to find some projects underperforming in the price department. The downtrend affecting Bitcoin drags all other currencies and assets with it without compromises. Tezos is just one of the many victims in this regard, albeit the project has seen its fair share of setbacks as well.
Over the past 24 hours, however, there has been a notable Tezos price increase again. More specifically, there is an 11% uptrend in USD value and a 12% increase over Bitcoin itself. Both of these trends are very promising, even though the token struggles to generate over $2m in trading volume at this time. Low liquidity combined with bearish momentum usually spells trouble for any market.
There is some positive news which might be sufficient to keep the Tezos value afloat, for the time being. More specifically, the Huobi Global team has confirmed they will introduce XTZ trading later today. That in itself will be an interesting development, as this exchange will introduce new trading pairs in BTC and ETH for Tezos. More market son bigger exchanges should help address the liquidity problems.
Huobi Global Launches Tezos on December 12, 14:30 (GMT +8)#TezosMars #Tezos #Blockchain #Delegate #XTZ#Crypto #Baking https://t.co/dZ1LNI9tib
— Tony. (@TezosMars) December 12, 2018
Additionally, some holders still have high hopes to see Tezos listed on the Coinbase platform this year. The popular exchange is making announcements every single day for another week and a half. One never knows what they will announce next, although it seems rather unlikely they will add Tezos all of a sudden. A lot of more established coins and assets could make their way to Coinbase well ahead of XTZ.
@coinbase is doing 12 days of Christmas, making a series of announcements until Dec. 21st. Excited to see what they have in store! #tezos #12daysofchristmas #xtz… https://t.co/o74bHMi3gr
— EliteCryptoConsulting (@eliteccaz) December 11, 2018
Last but not least, it seems the baking aspect of Tezos is getting a bit more competitive. WeBakeTezos boasts they have the fourth best efficiency while doing so and they maintain a lower fee to boot. That is pretty interesting, although it remains to be seen if this will have any impact on the Tezos price in some way. For now, it is a statistic worth keeping an eye on.
https://twitter.com/We_bake_TEZOS/status/1071321648882700288
All of these factors seem to indicate there is a lot of positive momentum where Tezos is concerned. At the same time, this market may get hit the hardest if the Bitcoin price decided to retrace again all of a sudden. Bitcoin has not bottomed out by any means, but that doesn’t mean altcoins cannot decouple themselves from this trend over the coming weeks. To make that happen, however, Tezos will need a lot of help.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
Image(s): Shutterstock.com
