Why did the Tezos (XTZ) share price gain +50% over the week?

The Tezos project is growing in recent months

This notable rise in the XTZ price seems to have been triggered by a series of good news for the project, which we told you about earlier this week. Three Swiss financial institutions did indeed announce last Tuesday that they had created a new token standard for Tezos.

As a reminder, the French blockchain had already been tested for the European Central Bank’s (ECB) digital euro project. All of this therefore shows the growing institutional interest in Ethereum’s rival (ETH).

It should also be noted that from a technical point of view, Tezos has improved in recent weeks. Earlier this month, we learned that the seventh update of the network, called “Granada”, had gone smoothly. The upgrade reduced the block production time from 60 to 30 seconds, while significantly reducing the gas charges applied to smart contracts.

More on the Tezos (XTZ) project

XTZ price up on the week

The result of all this is a particularly notable rise in the price of XTZ, which jumped +50% on the week. From $3.82 seven days ago, it rose above $6 over the weekend, before falling back to $5.68 this morning:

Cours XTZ Tezos

Source: TradingView, XTZ/USDT

XTZ is currently the 35th most capitalized cryptocurrency at the moment, with a market cap of over $4.7 billion.

Ethereum killers in top form?

In the midst of rather hesitant cryptocurrency markets, we also note thatother “Ethereum killers” seem to be doing well. Solana’s SOL, for example, has jumped +33% over the past seven days, reaching $97.39 this morning. Its capitalization now exceeds $28 billion.

As for Cardano, its ADA is now installed in 3rd place among the most capitalized cryptocurrencies, while the Alonzo hard fork – and the arrival of smart contracts – is on the horizon. Its record hasbsolu, at $2.95, was reached six days ago, and the ADA price is managing to hold this morning at $2.84.

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About the author: Marine Debelloir

Why did the Tezos (XTZ) share price gain +50% over the week?

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Associate Editor on Cryptoast, I fell into the crypto-currency pot a few years ago. I’m passionate about the innovative technologies that come from blockchain and I love digging up the juiciest news to share with you.
All articles by Marine Debelloir.