Bitcoin has done better than most financial assets in 2020 and is on the path to becoming one of the best financial bets for the year. Its price recovered after plunging in March, amid the COVID-19 induced sell-offs. It has since gained about 30% so far.
However, one little known digital coin has almost doubled in price since the beginning of the year, and it still shows more upside in its present momentum.
Tezos, trading under a sticker XTZ, has gained about 91% since the start of 2020. Tezos was trading at $2.56 at the time of writing this report, with a market capitalization of almost $1.817 billion, according to data obtained from CoinMarketCap.
At the start of 2020, Tezos was the 15th most valuable crypto asset by market value according to the data. It has since managed to climb into the top ten most valuable cryptocurrencies and could surge past its crypto rivals with its current momentum.
Tezos, which was designed as a “self-amending cryptographic ledger” and uses the so-called verification model, has emerged a big fan of tokenized real-estate and security tokens.
“Tezos seems to be one of the most popular platforms for new projects to build on at the moment,” said Mati Greenspan, the founder of market analysis firm Quantum Economics told Forbes in a recent interview
“Several projects that I’m currently advising are using it. As well, the tokenomics are structured in a way that a lot of the incoming supply is diverted to staking and taken off the market,” said Mati Greenspan, the founder of market analysis firm Quantum Economics.
In addition, after Bitcoin’s recent halving has made it harder to mine Bitcoin, many have suggested that miners (people who produce Bitcoin after a difficult task is completed) might as well switch their computing strength to other cryptos —potentially giving Tezos a boost.