October 2, 2022

Tezos Shoots for All-Time Highs After Joining Largest NFT Marketplace

2 min read

Tezos NFTs will now be offered on OpenSea—– the biggest online NFT marketplace that formerly just supported Ethereum tokens. The recently introduced FA2 standard on Tezos, similar to Ethereum’s ERC-1155 standard, has seen a growing interest from the neighborhood.

Tezos Joins OpenSea

NFT volumes have surged given that mid-January, ranging over $4 million daily. OpenSea is the leading marketplace dominating the area with more than 30% volume share.

The OpenSea platform will list Tezos NFTs on its platform, with “& ldquo; strategies to support for peer-to-peer trading soon after.”

& rdquo; According to the press release, the OpenSea group noted that the Tezos community brings in blockchain developers and product users “& ldquo; annoyed with the exorbitant charges on other blockchains.”

dapp radar defi
& rdquo; OpenSea trading volume. Source: Dappradar.com The advancement activity around Tezos also increased just recently with the launch of the FA2 token standard. An Ethereum-Tezos bridge, Wrap Protocol, will be released quickly, permitting users to cover ERC tokens with NFTs on Tezos. The development group, TQ Tezos, likewise revealed a brand-new NFT market, OpenMinter.

Besides NFTs, the stablecoin environment continues to enhance also. Hoverlabs and Stably will finally provide their Kolibri and USDS stablecoins on Tezos later this month.

Bitcoin, Not NFTs, Lift XTZ Price

Tezos community’s native token XTZ rose 18.1% from the weekly opening, reaching a high of $3.9.

XTZ broke above the bullish ascending triangle pattern, turning the $3.3 resistance level to support. XTZ has actually reached 50% of the pattern’s target at $3.9 as it set sights on $4.5—– a 25% boost from current levels.

Beyond $4.5, XTZ will enter into a price discovery stage with the all-time high as support targeting $6.3 and $9.2.

XTZ/USD 4-hour chart. Source: Trading View On an everyday scale, the pattern is bullish too. The cost action carefully resembles a cup and handle with a target of$4.3; the assistance for the relocation is at $3.1.

Nevertheless, while the targets are locked, the relative strength index (RSI) that determines the market’s momentum is edging close to the overbought area on both the 4-hour and daily scale.

tezos price chart
XTZ/USD daily cost chart. Source: Trading View The on-chain statistics are, however, not as exhilarating. The overall costs on the network, which is a step of the network use, is less than $300.

Ethereum and Cardano’s comparative costs are much higher at $32 million and $4,500, respectively.

The on-chain daily deals volume is close to $100 million, the peak value for the metric on Tezos was obtained during August 2020, around $115 million,

ethereum, tezos
Ethereum, Tezos, Cardano overall charges. Source: Coinmetrics Thus, the token’s rate seems to be benefiting from the Bitcoin bull run, more than any natural network development. Nevertheless, as the ecosystem is going through a robust development phase, the combination of future expectations and the favorable cost outlook looks assuring for its cost.

Disclosure: The author held Bitcoin at the time of press.