Why did the price of Tezos (XTZ) take + 50% over the week?

The Tezos project is expanding in recent months

This noticeable progression of 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 announced last Tuesday that they had created a new token standard for Tezos.

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

It should also be noted that from a technical point of view, Tezos has improved in recent weeks. At the beginning of the month, we learned that the seventh update of the network, called “Granada”, had gone smoothly. It made it possible to reduce the production time of the blocks from 60 to 30 seconds, while greatly reducing the gas costs applied to smart contracts.

Tezos 7th Upgrade ‘Granada’ Is Now Live!

👊🏾Emmy * consensus, cutting block times by 50%

🔥Gas improvements, massively reducing gas consumption in smart contracts

✅Liquidity baking, leveraging governance mechanism and incentives to provide for public goods # Tezos #Granada pic.twitter.com/IL4zJBe9oU

– Tezos (@tezos) August 6, 2021

👉 More info on the Tezos project (XTZ)

The price of XTZ up over the week

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

XTZ Tezos Course

Source: TradingView, XTZ / USDT

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

“Ethereum killers” in great shape?

Within the rather hesitant cryptocurrency markets, we also note that other “Ethereum killers” seem to be doing well. Solana’s SOL thus jumped +33% over the last seven days, reaching 97.39 this morning. dollars. Its capitalization now exceeds 28 billion dollars.

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 all-time high, at 2.95 dollars, was reached six days ago, and the price of the ADA manages to maintain this morning at 2.84 dollars.

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About the author: Marine Debelloir

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Deputy Editor-in-Chief on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that arise from the blockchain and I like to find the most delicious information to share with you.
All articles by Marine Debelloir.

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