The crypto market has held a rather stable position in the last week, with many assets showing no significant price changes. In the midst of this quietness, a few assets like Tezos(XTZ) have been able to generate some excitement, recording positive price gains for many investors.
According to data from CoinMarketCap, Tezos (XTZ) has rallied by 16.54% in the last seven days, outperforming major assets such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) within that same period. Overall, XTZ has been one spectacular token in 2023, gaining by over 83% since the start of the year.
While numerous factors are driving up XTZ’s price, a notable factor in recent days is Tezos Foundation’s announcement of its partnership with cloud computing giant Google Cloud on Wednesday, Feb. 23.
However, before that, Tezos(XTZ) has been trending due to the constant buzz surrounding its Mumbai network update. While still in the voting stage, the Mumbai update promises to improve several capabilities of the Tezos blockchain, for example, reducing the block production time to only 15 seconds.
At the time of writing, Tezos is trading around $1.29, with a daily trading volume of $68.82 million. Based on more data from CoinMarketCap, the altcoin has a market cap value of $1.20 billion and is the 49th largest cryptocurrency in the world.
XTZ trading at $1.28 | Source: XTZUSD Chart on Tradingview.com
Tezos Partners Up With Google Cloud
On Wednesday, the Tezos Foundation announced its partnership with Google Cloud to “accelerate web3 application development on the Tezos blockchain”.To achieve such a goal, this collaboration will allow Google customers to easily become “bakers” (network validators ) on the Tezos blockchain.
Google Cloud itself will also serve as a baker on the Tezos network, joining the popular gaming brand Ubisoft. Furthermore, this partnership will enable Google customers to easily build and deploy web3 applications. Using the combined infrastructure of Tezos blockchain and Google Cloud services, developers and companies will also be able to host Remote Procedure Call (RPC) nodes for various decentralized applications.
Another exciting benefit of the partnership between Google Cloud and Tezos is that Tezos incubator startups are now qualified to receive Google Cloud credits and mentorship courses through the Google for Startups Cloud Program.
That said, other notable brands with which Tezos has partnered in recent years include English Football Club Manchester United and the California Department of Motor Vehicles.
Tezos (XTZ) Price Prediction 2023
So far, Tezos (XTZ) has been one of the most promising tokens in 2023, garnering a lot of attention. There are so many investors who wonder what heights or lows this altcoin could reach this year.
At Coincodex, they predict the XTZ will gain by 7.91%, hitting a price of $1.38 in the next five days. However, their forecasts also projected the token to return to its current price region in 30 days’ time, trading at around $1.31.
Meanwhile, DigitalCoinPrice, another price prediction site, provides a long-term outlook on the appreciation prospects of Tezos.
According to their predictions for 2023, Tezos is expected to hit a peak price of $2.14 before the year runs out. They also anticipate the token’s minimum and the average price to be around $1.79 and $1.89, respectively.
That said, investors should remember these price predictions are speculations and do not represent financial advice.
Featured Image: Shrimpy Academy, Chart from TradingView