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Tezos price is on a three-day gaining streak, with today’s trading session going up by 1.5 per cent at press time. Starting on Wednesday, the three-day consecutive bull run has also seen the Tezos value rise by 13 per cent.
Today, Tezos has continued to remain a pioneer in the cryptocurrency industry. For example, it was one of the first projects to move from the proof of work (PoW) algorithm used by cryptocurrencies such as Bitcoin to a proof of stake (PoS) consensus algorithm.
Although other blockchain technologies such as Cardano and Solana have also implemented the PoS consensus mechanism, Tezos has remained among the most used blockchain technologies. Today, it boasts of being the 36th largest cryptocurrency, with a market capitalization of over $1.4 billion.
Tezos has also become popular among users in the cryptocurrency industry due to its energy-efficient technology. Compared to other projects, Tezos has one of the lowest carbon footprints. In fact, it is estimated that its annual carbon footprint for the entire network is equivalent to what 17 people use.
The platform also boasts of having a more flexible liquid staking mechanism that allows users to bake rather than stake their assets. Baking is the process of adding new blocks of transactions to its blockchain. This also makes the platform much cheaper to use, which has also contributed to its growth.
Having looked at why the project has grown to become one of the largest in the world, it is no surprise that it is leading the way in the cryptocurrency industry’s recovery. Today, Tezos is up by 1.5 per cent. The prices are also looking likely to continue rising throughout the session.
The chart below also looks likely that the prices will continue rising in the next few trading sessions. I also expect the price to hit the $1.6 resistance level in the next few trading sessions. My analysis will only be invalidated if prices reverse and instead trade below the $1.4 support level.
This post was last modified on Jul 15, 2022, 13:53 BST 13:53