Tezos XTZ/USD is a blockchain network based on smart contracts which aim to offer infrastructure on a higher level. It can evolve and improve over time without any dangers of a hard fork.
The decentralized application space momentum as a catalyst for growth
Tezos is a self-amending layer-2 proof-of-stake (PoS) blockchain that can upgrade itself through the usage of an in-protocol amendment process.
Its latest update occurred in August 2021 and included a reduction in block time as well as gas consumption.
This means that the transaction costs were lower, which attracted new users to the network.
Given the fact that Tezos is this layer-2 blockchain that is built on top of Ethereum, it is possible to use smart contracts and, as such, create decentralized applications (dApps) on it.
The smart contract language used on Tezos is called Michelson, and Tezos smart contracts have received a total of 5.8 million calls in October. Additionally, there are currently around 135 projects and dApps in development on the network.
This increase in network activity has contributed to the growth of the XTZ token as it has heightened use cases and demand.
Should you buy Tezos (XTZ)?
On October 4, Tezos (XTZ) had a value of $8.82.
To get a better perspective of what kind of value point this is for the token, we will be going over it’s all-time high value as well as the value the token had throughout September, going over its highest point and lowest point of value.
Tezos (XTZ) had its all-time high value of $9.12 on October 4; however, throughout the day it dropped to $8.82 at the time of writing. This means that the token only dropped by $0.3 in value or by 3%.
When it comes to the lowest point of value in September, it was on September 8 when the token dropped in value to $4.05.
In terms of the highest value point of the month, it raised its value to $7.96 on September 14.
Here, we can see that the token increased in value by $3.91 throughout the month or saw an increase by 96%.
Furthermore, from September 14 to its all-time high on October 4, it climbed an additional $1.16 or by 14%.
We can expect Tezos (XTZ) to increase to $10.12 by the end of October with all of this in mind.
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