Main navigation

Tezos Enters Top-10, Analysts Predict 'Hard Fall'

News
Mon, 02/10/2020 - 10:29
article image
Vladislav Sopov
Tezos (XTZ) is among the coins that rallied brilliantly in recent days. It surged 11% in 24 hours climbing to the top-10 with the biggest market cap. Is it a bubble?
Tezos Enters Top-10, Analysts Predict 'Hard Fall'
Cover image via 123rf.com
Read U.TODAY on
Google News
Contents

Within periods of market euphoria, some coins rise only because of market excitement. Usually, there is no technological progress or nor are there popular use-cases behind it. Australian journalist Alex Saunders supposes he has already found such a coin in the ongoing rally.

No apps, no devs, no community

Alex Saunders, Australian blockchain journalist and author of Nuggets News informational resource, criticized the last rally of Tezos (XTZ). He didn't find a significant technological or economic basis for the double-digit price surge demonstrated by this token.

Tezos price surge chastized by journalist
Image by Twitter

Despite this, Tezos entered the top-10 of cryptocurrencies in terms of market capitalization as its whole supply has now been at more than $1,8B. Regardless, Mr. Saunders doesn't think it will last long. 

Related
Tezos (XTZ) Surges to New Bull Market High, Outperforming Bitcoin (BTC)

According to him, Tezos (XTZ) failed to build a strong community around the project and to hire top-tier devs. Thus, it is not able to address the technological targets of the project.

It is going to fall hard

Tezos (XTZ) popularity in staking ecosystems is another disadvantage for Mr. Saunders. He supposes that the supply of staking coins is subject to manipulation.

card

Thus, the price of Tezos (XTZ) will experience a dramatic fall, Mr. Saunders predicts. This fall may occur 'once the euphoria ends'.

At printing time, Tezos is defending its 10th position with a market capitalization of $1,72 and token price of $2,49.

article image
About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)