In the world of cryptocurrency, tokens, and assets are in a bit of a funny state right now. With Bitcoin still on what appears to be wobbly legs, it seems things will not necessarily pop off in a significant manner. The Tezos price, on the other hand, is making quite a few inroads as of right now. Its weak trading volume is a bit of a problem when it comes to sustaining these trends.
Tezos Price Uptrend Seems Unsustainable
When most of the top cryptocurrencies are capable of barely noting any gains these days, it seems unlikely things will improve for lower-cap alternative markets right now. There will always be some exceptions in this regard, as Tezos is a clear example of how things can evolve when people least expect it. While its current price trend is somewhat promising, most people will readily agree it is not sustainable for very long.
To put this in perspective, there is a 17% gain in both USD and BTC value alike. This pushes the Tezos price back to $0.578, or 14,289 Satoshi. While most holders and speculators will be quite happy with the way things are going right now, it seems there isn’t too much XTZ trading going on at this time. With just $8.21m in trades, there isn’t any real momentum to support this uptrend for more than a few hours on end.
On social media, it would appear there is some degree of excitement when it comes to Tezos as of right now. Especially when it comes to the “baking” aspect of Tezos, things are starting to heat up in recent weeks. There is also an associated meme regarding this particular process, although one could argue it may not necessarily matter all that much in the end.
#XTZ is hot! Everyone wants to bake #Tezos! pic.twitter.com/hnwWv6aVFl
— Tezos~CryptoDelegate ??ꜩ? (@CryptoDelegate) March 20, 2019
Those who are looking closely at the XTZ price chart will notice there is a very strong and swift uptrend. As has been the case in this industry for quite some time now, such steep gains materializing without any genuine reason for it will usually result in a retrace. Nico is quite happy with the quick 10% profit, but it is evident buying in now is a major risk.
Boom!! that was a fast and easy 10%+ in 5hs… $XTZ #XTZ pic.twitter.com/UibYqHkfwa
— Nico (@CryptoNTez) March 20, 2019
Earlier today, it also seemed as if Tezos would overtake ZCash in terms of market cap, albeit that is no longer the case. At this time, ZEC is %$20m ahead in market cap of Tezos, which seems to indicate this “flip” was not meant to last all that long. It is an interesting aspect to keep an eye on, but it seems unlikely Tezos will even the market cap top 20 anytime soon.
Big day for #Tezos! #XTZ just overtook #ZCash in total market cap! Everyone #HODL so we can keep climbing up the crypto mountain!
??♀️ pic.twitter.com/OAD5H0EgyD— Tezos~CryptoDelegate ??ꜩ? (@CryptoDelegate) March 20, 2019
All things considered, it would appear Tezos is trying to dig itself out of a hole all of a sudden. While that is a commendable course of action first and foremost, this massive uptrend in quick succession seems rather unstable. Combined with very weak trading volume, it would appear there will be some sort of correction in the very near future. However, XTZ can be a bit of an odd market in this regard, thus anything can happen.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
Image(s): Shutterstock.com
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