Bitcoin has plunged by approximately 50 percent from its 2019 peak. And the cryptocurrency is hinting to continue trending downwards before the year’s close. The negative sentiment in its market, nevertheless, is benefiting rival cryptocurrencies.
That is particularly true for XTZ, the native asset of Tezos, a proof-of-stake blockchain project whose market valuation has grown twofold across the last and current financial quarters.
Since June 26 – the day bitcoin established its year-to-date (YTD) high of $14,000, the XYZ price against the benchmark cryptocurrency has surged by more than 200 percent. Meanwhile, the token’s dollar-denominated gains since the said date are well beyond 70 percent within the same timeframe.
The XTZ-to-BTC exchange rate was up by more than 200 percent | Source: TradingView.com
Why Tezos is Beating Bitcoin?
‘Hype’ remains one of the most influential factors behind a cryptocurrency’s attractive price move.
The bitcoin price rallied by more than 350 percent after bottoming out near the $3,100 level last December. Part of the cryptocurrency’s huge gains appeared in the wake of the so-called safe-haven narrative. Global media reports indicated that mainstream investors treated bitcoin as a hedge against an escalating US-China trade war and dwindling yuan.
The post This Cryptocurrency Could Boom Following Bitcoin’s Next Drop appeared first on NewsBTC.
from NewsBTC https://ift.tt/36DSEsK
Find The best Lending Program Top CryptocurrencyLending Program
Tidak ada komentar:
Posting Komentar