The strength of Bitcoin’s (BTC) uptrend appears to be growing as the top-ranked digital asset soared above $40,000 earlier today. It’s probably safe to say that many investors are completely astounded by the fact that BTC has doubled its value only a month after breaking through the $20,000 mark.
This suggests that the buying has continued unabated, signaling strong demand at every higher level. This bullish sentiment has pulled several altcoins higher with the total crypto market capitalization extending above $1 trillion.
As most altcoins have only recently started participating in the rally, they may run up vertically in the short-term. The melt-up phase is one of the best opportunities to make quick returns, but it is also risky because a vertical rally tends to turn down quickly.
The tokens chosen today are in the early stages of their rally and may have room to run on the upside. Let’s look at their fundamental developments and chart structure to determine the trend and possible target upside targets.
Tezos (XTZ) has gradually been taking steps in the past few weeks to boost growth. The first was to reduce smart contract gas fees with its Delphi upgrade in November. This was done to attract developers to build applications in the decentralized finance space, collectibles, and gaming.
In early December, StableTech launched wrapped Ethereum on the Tezos blockchain and this could have attracted greater participation from users as the recent sharp increase in gas fees on the Ethereum network complicates matters for traders and DeFi sector participants.
Improving its offering further, Tezos announced the launch of its first NFT platform dubbed Kalamint that is expected to go live sometime this month. This will allow users to create and list NFTs on the marketplace priced in XTZ.
Recently, Nisbah Capital, the blockchain subsidiary of Saudi Arabia-based Taibah Valley, collaborated with the Tezos ecosystem as a…