In the past week, the general crypto market has experienced a roller coaster following the lead of Bitcoin. At some point, the flagship token surged above $10,000. That made commentators and analysts think that it was headed for a year-to-date high. However, that changed drastically with BTC dropping back to the $9,500 zone.
For some days now, the token has struggled to break the $9,500 resistance facing severe rejection every time it tried to do so. The bears have taken over resulting in BTC striving to stay above $9,000 currently. Most of the other altcoins seem to have followed the trend send by Bitcoin except for Tezos.
A majority of the analysts and commentators are convinced that Tezos is one of the early ‘Ethereum killers.’ Arthur Breitman, Tezos’ co-founder, said that his basis for the blockchain infrastructure was to have a solid and safe ledger. Furthermore, he said that such a system cannot be achieved when only a single individual is in charge of an entire sector.
The top 20 tokens have registered mixed returns in the past 24 hours with some losing up 5% while others remaining relatively unchanged. However, Tezos has gained over 7% in the past 24 hours. For now, most analysts think that the recent developments in the UK real estate sector by the Tezos Foundation are responsible for the surge.
On October 30, Overstock’s tZERO security token platform partnered with the Tezos Foundation on a project aimed at tokenizing £500 million ($643 million) in a scheduled real estate development. The blockchain startups announced that they will tokenize segments of properties that are financed by U.K.-based Alliance Investments. The project will be later opened up to investors.
The CIO of Alliance Investments, Rani Zahr, said:
“Raising funds through an STO is more efficient, cost-effective, autonomous and democratic than traditional financing. We believe that we are at the forefront of a technological change that can disrupt the current funding paradigm.”
The first offering is scheduled for Q1 2020. At that time, tZERO will issue security tokens that will account for £20 million in the equity of a water-front development. The project is currently under construction in Manchester.
The chief financial officer at the Tezos Foundation, Roman Schnider, said that the one building that is a big multi-storage development is a first for Alliance. Nonetheless, he said that it represents a big pipeline that they aim to fund using security token offerings (STOs).
Reliable reports revealed that the Tezos protocol will serve as the base infrastructure to transfer, deploy, and store the digital assets and smart contracts. These assets will then be provided for secondary trading on the SEC-registered subsidiary of tZERO, the PRO Securities alternative trading system.
The announcement confirmed that other real estate developments will follow the tokenization process in the course of several years. In the future, the companies will include student and residential accommodation together with hospitality and commercial properties. Moreover, Megalodon, a financial consultant, has featured as an advisor for this project.
With that announcement, Tezos started showing some volatility. Commentators think that this project is responsible for the current gains.
The coin is currently trading at $0.8968 with a market cap of around $592 million at the time of writing. In terms of XTZ/BTC, the price surged by 9.55% with a trading value of 0.00009850 BTC. Today, the coin holds the 20th position with $19,623,862 USD 24 hour volume and 660,373,612 XTZ circulating supply.
The hourly MACD for the XTZ/USD pair is placed in the bullish zone with strong positive signs. The hourly Relative Strength Index (RSI) is currently around the 68 level after forming a flat structure.
In general, Tezos is steadily creating a formidable reputation as the best and most functional alternative application to Ethereum. It has already got resounding support from top crypto investors and influencers including Tim Draper, Winklevoss twins, and Polychain Capital.
With the positive developments associated with the token, it may soon open the flood gates to a huge number of investors.