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Home Cryptocurrency news

Tezos Cryptocurrency Up Over 130% Year to Date, Analyst Warns Not to FOMO

Tony Spilotro by Tony Spilotro
1 year ago
in Cryptocurrency news
Reading Time: 3min read
Tezos Cryptocurrency Up Over 130% Year to Date, Analyst Warns Not to FOMO
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The cryptocurrency known as Tezos has had a stellar year thus far in 2020, after finishing out 2019 among the top-performing crypto assets of the year.

But this year so far, it’s already up well over 130%. However, despite the strong showing, a prominent crypto analyst is warning investors, not to FOMO in after such a powerful rally, and to instead be ready to buy the dip.

Tezos Continues to Surge in the New Year, Up Over 130% YTD

The cryptocurrency market is on fire once again, led in part by a massive global breakout of altcoins.

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The surge in altcoins also helped to propel Bitcoin to new local highs, and on some exchanges has now set a new higher high, above and beyond the historic October 2019 rally that set records for one of the strongest single-day surges in the asset’s young history.

Related Reading | Altcoins Break Out Against Bitcoin After Six Months Of Sideways 

But as Bitcoin begins to cool off, altcoins continue to explode higher, setting new highs with each subsequent pump.

Among the best examples of this continued surge, is the cryptocurrency known as Tezos.

Tezos had a strong showing in 2019, after a listing on Coinbase and buzz surrounding the crypto asset’s staking feature combined with the growing interest in decentralized finance caused the asset to skyrocket.

Tezos was one of the few cryptocurrencies to avoid setting a lower low during the last major trough across the cryptocurrency market, and instead bottoming a month or so prior in October at just 70 cents per XTZ token.

From that low, Tezos is up over 300%, and since the start of January 2020, Tezos has seen another 130% gain.

The surge in price has caused Tezos to go parabolic, as indicated by the parabolic curved drawn on a price chart from cryptocurrency analyst Josh Rager.

Rager says that despite the skyrocketing prices in Tezos, now is not the time to FOMO into a position.

$XTZ

Tezos is up over 130% in the past month

Can this push higher? – Of course, much higher

But based on the chart, I'm not going to fomo into this (at this point in time)

Certainly an asset I'm willing to buy on pullbacks for swing trades pic.twitter.com/iSRm7G3aNq

— Josh Rager ? (@Josh_Rager) February 11, 2020

Yes Or No to Cryptocurrency FOMO?

As the saying goes, what goes up, must come down, and after an asset goes full-on parabolic, a strong retracement typically follows. Those who take the chance to buy now could have to deal with the risk of extreme downside.

However, as pointed out, Tezos hasn’t been behaving like other cryptocurrency assets. The cryptocurrency even found its bottom a month ahead of other altcoins.

Related Reading | Global Altcoin Breakout Could Usher Return of Alt Season Crypto Riches 

Had investors waited for another low to take a position, they’d still be waiting for that low to be set, and would have had to watch Tezos skyrocket right out from under their noses.

Those that happened to catch the Tezos bear market bottom back in December 2018, would have bought the asset at just 30 cents on the dollar at the absolute low.

From that price, Tezos has gained just under 850% in value, showing that sometimes FOMO can result in massive returns.

tezos cryptocurrency altcoin crypto xtz

Tags: cryptocurrencyFOMOJosh RagertezosXTZ
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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