XTZ earned a huge buzz in the crypto world recently so many wonders, Can Tezos be the asset that will dethrone Ethereum from the crypto market? Let’s find out in the upcoming XTZ news.
It’s important to understand what makes Tezos stand out among the thousands of altcoins on the market. XTZ utilizes a proof-of-based consensus model that isn’t dependent on mining for its blockchain protocol, unlike Ethereum. Tezos employs a democratic model where stakeholders have a hand in managing the protocol which is known as the self-amending blockchain. One of the big takeaways from this model is that the hard forking is avoided which is the exact same thing that caused Bitcoin cash to break off from Bitcoin and Ethereum to break off from Ethereum Classic.
Tezos uses a formal on-chain mechanism for selecting, testing, proposing, and activating protocol upgrades. It results in formalized processes where the users have the control of what happens to updates as long as it’s within the Tezos protocol. It all adds up to some potential for Tezos which generated major enthusiasm and investor interest. The Bank of France is testing out a Tezos in order to tokenize its funds. XTZ is making a lot of progress in the Security Token offering market with global investment banks such as tZero and Alliance Investments reported a $2.6 billion-plus in STOs thanks to the Tezos blockchain.
After the June 6th recovery from the $2.2 level, Tezos arrives at the alt season party with a level established around $2.4 and continued to show strength over the past days. The price is now charging back to the $3.14 level following the massive 15% increase over the past 24-hours. It is now changing hands around $3.1 against the US dollar following the recent break from the 4-week resistance. Against Bitcoin, Tezos is looking quite bullish after the surge above the crucial resistance line that was forming for over a month now. The increase became important after gaining 11.56% overnight. It started the week bullish with about 18% gains as the buyers resumed the pressure from the monthly correction of 24760 SAT.
So, with this buzz on the market, Can Tezos dethrone Ethereum? Or it will just turn out to be hot air?
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