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Tezos Performance Set to Out do Bitcoin Performance in 2020

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Bitcoin has outperformed almost every other asset in the market so far this year. The flagship digital currency is on track to one of the best bets this year. After its price dipped massively back in March due to a coronavirus driven sell-off, the price of BTC has surged by about 30 percent so far in 2020. Regardless, Tezos performance is set to outdo bitcoin performance after almost doubling its price since January.

In addition, the majority of analysts are anticipating for the altcoin to surge even further. Tezos, which trades by XTZ, has surged by a massive 85 percent since the start of 2020, adding to the 2019 gains to give XTZ a total market cap of about $1.8 billion. Back in January, Tezos was the 15th most valuable digital currency according to Coinmarketcap. Currently, the cryptocurrency has broken into the top ten, and is set to surpass its rivals if its impressive rally continues.

Real estate tokenization and security tokens opting for Tezos blockchain

Tezos, which uses the proof-of-stake model has surfaced as the preferred blockchain and digital currency for tokenized real estate and security tokens. According to the founder of Quantum Economics, Mati Greenspan who is a holder of Tezos himself:

“Tezos seems to be one of the most popular platforms for new projects to build on at the moment..Several projects that I’m currently advising are using it. As well, the tokenomics are structured in a way that a lot of the incoming supply are diverted to staking and taken off the market.”

It has been reported that Bitcoin miners who run the Bitcoin Network, have closed shop since last Monday’s halving event, shifting their focus to other digital currencies. As for Tezos, which unlike Bitcoin uses a proof-of-stake rather than the proof-of-work cannot be mined the same ways as Bitcoin.

As for proof-of-stake blockchain networks, they are believed to be more expansive and do not require a lot of energy, as miners are not required to solve complex mathematical puzzles to mine the blocks. Additionally, Tezos incentivizes holders participation in the network’s security. 

“Tezos is not a proof-of-work based coin, so it can’t be mined. However, it is one of the more promising projects to come out of the initial coin offering-era, which gives it an edge in times such as these, when the bitcoin price appreciates and lifts the market for a select-few, quality projects,” stated Joe DiPasquale, CEO of hedge fund manager BitBull Capital.

Tezos performance boosted by XTZ staking services

Furthermore, Tezos performance has been boosted by various platforms that have offered XTZ staking services in recent months as per the BitBull Capital CEO. He cited Binance.us adding that staking helps boost the price of the token.

Moreover, the minor cryptocurrency which began its bullish run November last year, has massively reaped the rewards of key partnerships in the financial industry. In particular, the Tezos Foundation’s Faucet which rewards XTZ holders with almost 0.01 XTZ every 12 hours; has been a massive boost. 

Tezos Foundation Decides to Settle Multiple Lawsuits to put Behind “Meritless” Legal Battles

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Over the past three months, Tezos Foundation’s XTZ has been one of the most successful altcoins in the space. The asset entered the top ten cryptocurrency list as well ousting the likes of Cardano, Stellar and Tron on the way.

However, things haven’t always been completely smooth sailing for the foundation.

After conducting an incredibly profitable ICO of $232 million back in 2017, the situation got worse in July 2018, as the foundation was slapped with multiple lawsuits, claim that the ICO was an illegal and unregistered securities offering.

Now, according to a recent blog post on Tezos Foundation, the organization has entered into a settlement of all the class-action lawsuits. The blog post read,

“The Tezos Foundation chose to settle all claims because the Tezos Foundation believes it is in the best interest of the Tezos project and community as a whole. The Foundation continues to believe the lawsuits were meritless and continues to deny any wrongdoing.”

The foundation also emphasized on the fact that class-action lawsuits were intensely cost-heavy and time-consuming with deters the development of the space. Hence they agreed on a one-time financial payout for the settlement rather than continuing legal battles in the courts and carrying the brunt of the expenses.

The settlement is currently pending approval from California state and federal courts.

Tezo’s Rise Since November

Tezos first burst onto the scenes back in November 2019, when the asset registered a growth of 55 percent, incurring a substantial rise in terms of its market value within 7 weeks. During the same period, major assets such as BTC and ETH suffered massive dips but XTZ maintained its periodic rise.

A report suggested that the periodic rise was due to the increasing number of addresses with small balances of Tezos, which could have contributed to the rise in valuation.

The data indicate that from the period of August 2019 to December last week, the number of addresses hiked from under 60,000 to over 100,000, indicating a growth of almost 30+ percent.

On December 15th, the number of addresses with 0.1 XTZ had increased over 105,000. Earlier, Coinbase has also exhibited its support for Tezos staking on its platform, which may have boosted its market value as well. Taking a leaf out its book, Kraken and Binance followed its path as well, and the potential in the Tezos foundation was identified.

With major exchanges extending their commitment to the foundation, it is imperative for the organization to clear out its legal battles in order to sustain development for the virtual asset.