XTZ Holds Tight!
The market has dipped a bit as of Tuesday morning, and Tezos (XTZ) has more or less held solid. This, even as Bitcoin dropped below its $10,000 mark and ETH flirted with the $210 range.
Up over 100% in the past month during its recent peak at $2.80, XTZ dipped to the $2.50 range briefly Monday, but quickly recovered its standing in the $2.60s.
BAT surged 10% on the heels of the XTZ peak, even as ETH stalled a bit.
Tokens: Name Recognition vs Technology vs Purpose
There are a number of factors at work here. For one thing, XTZ has only been traded on Coinbase for a few months now. For another, BAT has only been there about a year and a half. Ethereum, Bitcoin, Litecoin, Bitcoin Cash, and others have had years to develop a following. Ethereum is the hacker’s cryptocurrency, but the lack of staking and relative (still minimal) security deficit, when compared with Tezos, may just convince some speculators to park their dollars in the Coinbase block and begin baking XTZ to earn fixed interest instead of relying solely upon speculation about the future to increase their wealth via ETH.
BAT is likely to become a major player in the lucrative advertising market as the Brave Browser continues its meteoric ascent, and it is easy to make the connection between this market and major profitability. Advertising and tech is what put Facebook and Google where they are today, and BAT may just be the best way available to advertisers to increase conversion—if not now, then soon.
For now, market caps don’t lie—BAT and XTZ are both up-and-coming coins based on relatively new theory. The tech they represent is incredible, as is the purpose BAT brings with it, but how long will it take the market to make a substantial shift in their direction? How much longer will name recognition power bigger caps for coins such as ETH and BTC? Time will tell.
I am long XTZ, and I’m under the impression that the coming week will bring continued rapid growth to the XTZ ecosystem. Low target: $3 high for the week; high target: $5.00.
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