Tezos: Is Mumbai upgrade the only reason behind XTZ’s price rise? 

• Tezos’ Mumbai upgrade entered the proposal phase for voting.
• XTZ’s metrics remained bullish over the last 30 days.

Tezos [XTZ] in its 134th issue of The Baking Sheet revealed several new updates that happened in its ecosystem over the last few days. The most prominent one was the Mumbai proposal entering the phase for voting. 

? Hot out of the Oven: 'The Baking Sheet' – Issue #134

This Week in the #Tezos Ecosystem ?https://t.co/5Mr9DSNFaQ

— Tezos Commons (@TezosCommons) January 20, 2023

Realistic or not, here’s XTZ’s market cap in BTC’s terms

The Mumbai proposal will bring with it several new features that would drastically improve the network’s capabilities and offerings. For instance, the upgrade will reduce the block time to 15 seconds.

This time reduction will be achieved by fully deploying improved pipelining. Moreover, in Mumbai, tickets can be transferred between user accounts and not just to and from smart contracts and rollups.

The new offering from Tezos’ NFT space

Ledger hardware wallets are popular among NFT collectors and artists who want to protect their collections and artworks. Tezos NFTs will now be supported by the Ledger Live app thanks to Objkt integration.

Now with Ledger Live, users can safely view their Tezos NFT collection. Not only this but growth was also noted in the Tezos NFT ecosystem over the last week. Santiment’s chart revealed that the total number of NFT trade counts and total trade volume in USD spiked in the last few days.

Source: Santiment

Read Tezos’ [XTZ] Price Prediction 2023-24

How has XTZ been?

Over the last week, XTZ’s price action aligned with investors’ interest as it registered gains. As per CoinMarketCap, XTZ’s price increased by more than 8%, and at press time, it was trading at $1.12 with a market capitalization of over $1 billion.

XTZ’s development activity also increased over the last few weeks, thanks to the planned upgrades. Positive sentiments around XTZ remained pretty consistently high, reflecting the community’s trust in the token.

XTZ managed to be in demand in the futures market as its Binance funding rate was relatively on the higher side. However, XTZ’s volatility has reduced drastically over the last few days, which might halt the token’s ongoing uptrend. 

Source: Santiment