The price of Tezos (XTZ), a newer blockchain platform that has the ability to essentially self-evolve by upgrading itself over time without having to hardfork, has surged more than 37% over the past week, leading up to its much-anticipated mainnet launch.
During Tezos’ week-long run-up, XTZ surpassed a number of top cryptocurrencies in terms of market cap, including Dogecoin (DOGE), VeChain (VET) and NEM (XEM). According to the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens, XTZ is within striking distance of NEO (NEO), Ethereum Classic (ETC), and TRON (TRX).
It remains to be seen whether this pre-launch price run-up will ultimately lead to a “sell the news” type of event, which commonly occurs in traditional capital markets when a rumor or announcement spurs bulls to bid up a security, just to sell it once the actual event happens.
Moving forward, Tezos will have to prove its lofty valuation by successfully competing for adoption against other incumbent smart contracts platforms.
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Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.