In what was the most successful week in 2019 for the cryptocurrency market, Tezos [XTZ] was further buoyed by a massive price pump at the end of the week. The 19th largest coin in the market soared to become the highest gainer in the top-20 list, which include the likes of a bullish Bitcoin [BTC], and the resurgent XRP, Litecoin [LTC] and Monero [XMR].
Trust Wallet, the official wallet for the largest cryptocurrency exchange in the world Binance, announced support for Tezos via an official post on April 3. In addition to the XTZ integration, Trust Wallet stated that a native token staking feature would also be added.
The announcement read:
“In our next iteration, tentatively planned for end of Q2 2019, we will add native support for the delegation of all users who would like to stake their tokens and participate in the Tezos on-chain governance.”
Binance’s trust wallet currently supports Bitcoin, Ethereum [ETH], Litecoin, Tron [TRX], and XRP, among others.
As the month of March veered to a close, Coinbase Custody announced the option to use Tezos to stake for institutional clients, which saw the coin skyrocket by a massive 22 percent in a 24-hour window. Coinbase was even looking to hire Luke Youngblood to help propel the Tezos network with staking support for the Tezos foundation.
Tezos was enjoying the high of the collective market bullish wave as BTC rose above $5,000, with the Trust Wallet announcement sending no significant tremors in the market. However, at 2200 UTC on April 4, the coin surged from $0.856 by a whopping 19.15 percent to reach $1.02 in a matter of 25 hours. Since then, the price has dipped slightly and is now trading just above $1 with a 10.35 percent hike against the dollar over a day.
In terms of valuation, the coin jumped from $577.86 million by 17.09 percent to reach $676.66 million in the same period. However, the coin is not likely to break the $700-million barrier as it did a week ago. Currently, the coin’s market cap stands at $666.67 million.
BitMax took the top spot in terms of Tezos trading volume and accounted for a massive 37.73 percent of the global volume via the trading pair XTZ/BTC. Other prominent exchanges featured on the list were Kraken, Gate.io, and Bitfinex.
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Bitcoin [BTC] Halving: CoinMetrics pegs top-crypto to rise above $20,000 peak in late-2021
With a year left for the highly anticipated Bitcoin [BTC] halving, many expect the price of the top-cryptocurrency to surge prior to May 2020. Analysts have previously opined that three months to one year before the halving does the price of the cryptocurrency move up.
A new piece of research from the cryptocurrency analytics firm, CoinMetrics, suggested that in addition to the precursor pump, Bitcoin [BTC] will reach its “local peak” 18 months after the halving.
CoinMetrics charts the price of the top coin, divided based on the 2012 and 2016 halving, showing a noticeable trend. A little more than a year after the first halving when the 210,001 block was mined, the price of Bitcoin surged above $1,000 for the first time, in December 2013 to be precise.
Next, During the July 2016 halving, the coin was trading at just above $600 and within the suggested period of 18 months, the top virtual currency saw its second peak. On 17 December, the coin reached a never-before-seen high of over $19,700 as the Chicago Futures exchanges embraced the digital assets market.
With the price of Bitcoin over $5,000 for the first time in over four months, and the precursor halving bulls on the horizon, the price could surge. Furthermore, based on CoinMetrics’ inference, Bitcoin will see its third peak, higher than $20,000, by the close of 2021, eighteen months after the May 2020 halving.
The halving protocol was placed in the original whitepaper to thwart inflationary pressure that would arise with more blocks mined and more Bitcoins supplied. Historical charts prove that this objective has been adhered to, with a constant drop in the inflation rate with the two previous halvings.
In 2012, the inflation was over 25 percent and immediately after the miner reward reduction to 25 BTC per block, it dropped to under 15 percent. A bracket between 7 percent and just under 20 percent sustained until the second halving in July 2016.
The second halving saw a decline in inflation rate to under 5 percent for the first time in the coin’s history, which has been maintained till today. CoinMetrics pegs the inflation, at press time, to be 3.8 percent. Furthermore, if the historic trend continues, the inflation rate would drop by more than 50 percent to 1.8 percent in May 2020.
Based on the current market and using a historical outlook, analysts suggested that 2019 will be the year of building the industry while the price effect will manifest next year, with the halving being at the very core. Many believe that institutional interest on the rise and the growing crypto-adoption surge could result in a bullish 2020.
Charlie Lee, BTCC’s co-founder suggested in December 2018 that Bitcoin’s next rally will begin in “late 2020”, months after the halving and would peak in December 2021 at 333,000. However, the precursor to this rise would be a January 2019 bottom of $2,500 which did not materialize.
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