Cryptocurrencies have been in a downward trend over the past week led by Bitcoin’s drop to a low of $45,000 from all-time highs and BTC wasn’t alone. Everything from Ethereum to Polkadot saw steep drops in valuation and have been fighting to recover lost ground over the past several days. As the larger cryptocurrencies continued to face selling pressure, one altcoin, Tezos, has bucked the trend and has been stringing together gains, popping as much as 25% during a twenty-four hour period.
Tezos is a proof of stake blockchain network with one of the fastest and most efficient ecosystems that encompasses the ability to be easily upgraded. The Tezos network has focused on NFTs and gaming, two segments of the crypto universe that have seen exponential growth and rabid interest.
During the market wide sell-off in early December, Tezos hit a multi month low of $3.23 but has since seen a robust recovery while other cryptos continue to pile up losses. Tezos is now the 39th-largest cryptocurrency in relation to market cap with a total value of $4.6 billion and the underlying metrics point to more gains ahead.
Trading volume spiked 550% over the past twenty-four hours to $1.55 billion outranking the wildly popular Shiba Inu and even beating out Bitcoin Cash. Now, to add even more momentum, news has broken that Ubisoft, one of the world’s largest game developers, has announced it will be building “the first energy-efficient NFTs playable in a AAA game” dubbed Ubisoft Quartz utilizing the Tezos network launching tomorrow, December 9 with three free cosmetic drops.
Blockchain gaming has seen immense growth in a relatively short period of time, emerging as one of the hottest areas for future growth and Tezos is poised to dominate the space.
Sighting Ethereum’s lagging network speed, PricewaterhouseCoopers recently touted Tezos as “the most energy-efficient blockchain network on the market” while highlighting the fact that efficiency for each transaction on the network increased by 70 percent while the electricity requirement is also down by 30 percent year-over-year. The annual energy consumption on the network stands at 0.001 Terawatt hours (TWh), drastically lower than BTC’s 130 TWh and even beating Ethereum’s 26 TWh. The annual energy consumption of the Tezos network equals the energy footprint of just 17 people, a massive improvement over other cryptocurrencies.
With all the positive catalysts, upward momentum, and corporations supporting the Tezos network, the future is certainly bright for this Altcoin.
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