Tezos prices have recovered significantly over the past few days as investors focus on the vibrant NFT ecosystem. XTZ jumped to his $1.50 high in October, about 18% above the monthly low.
The Tezos NFT ecosystem is growing
Tezos is a leading blockchain project aiming to be a viable alternative to mainstream projects such as Ethereum and Solana.
There are some features that developers hope will help them become top projects. It also has on-chain governance capabilities, enables decentralized innovation, and has smart his contracts and formal verification.
Tezos is well known for partnering with some of the world’s best teams. For example, Manchester United, Red Bull He Racing, McLaren and other teams have partnership deals.
These relationships have led to significant growth of its ecosystem, especially in the NFT industry. Top Tezos applications include Acurast, akaSwap, Arago, and Gap Threads.
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Unlike Ethereum, Tezos struggles to gain market share in the DeFi industry. According to DeFi Llama, Tezos has a total value (TVL) of over $53 million. This TVL consists mainly of Youves, with a 78.23% advantage.
Instead, Tezos gained market share in the NFT space.Recently data According to CryptoSlam, we can see that the volume of NFTs has started to increase in the past few months. His total NFT sales in the ecosystem in October increased from his $1.33 million in September to his $1.35 million. The number of unique buyers increased from 7.7k to 8.3k.
While still below the $9.8 million peak in October last year, NFT sales in the ecosystem have increased for the past four months in a row.
Tezos Price Prediction
The 4-hour chart shows that XTZ price has been in a bullish trend for the past few days. As it climbed, the coin managed to move above the descending channel shown in green. The coin managed to break above the 38.2% Fibonacci retracement level.
Tezos has broken above the 25-day and 50-day moving averages. Therefore, the coin may continue to move higher as the bulls target the 61.8% retracement level at $1.57, which is about 8% higher than the current level.
