Tezos’s Market Cap Increased By 119 Percent, Platform Usage Still Low

Tezos’s market cap increased by almost 120 percent and it is currently among the best performing cryptocurrencies in terms of market cap for this year as we saw in the Tezos news previously.

However, the growth of the cryptocurrency still hasn’t spiked the usage of the smart contract platform. According to the data from CoinMetrics, Tezos’s market cap increased by 119% since the beginning of this year. XTZ’s market cap seems almost hand in hand with Bitcoin’s BTC following a similar path across the months of the year. The data also shows positive growth in the realized market cap of the altcoin which is a measure of a crypto’s average cost basis. The realized market cap for XTZ is up by 10 percent this year only. The increased in realized market cap for XTZ shows a departure from the norm for altcoins like Ethereum and Zcash which all have dropped since the beginning of this year.

This market cap growth also marks a huge reversal from XTZ’s performance in 2018 and while the market didn’t go through a year-long bears market in 2018, Tezos experienced additional operation and financial troubles. Once one of the biggest ICOs in history lost more than 0 million from its market cap in one day, it happened right when the company announced the launch of its mainnet.
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The project also suffered other issues last year and since the disagreements started among the project’s top hierarchy followed by a legal tussle that threatened to stop the development on the platform. The users on the network suffered a lost password scandal before the project’s mainnet was launched.

Despite the growth in market cap, CoinMetrcis reports that the user stats for the cryptocurrency remain significantly low. There are about 4,803 pales in comparison to ETH which stands at more than 286,600:

‘’XTZ has a small number of contracts overall. As of October 6th, XTZ only has 108 contracts that contain code. This compares to over 11,000,000 contracts with code on Ethereum.’’

Also, the report reveals that the transaction count on the Tezos platform is much higher than the transfer count as we can read in the latest news on altcoin.