After last weekend’s crypto market correction, prices have been mostly trading sideways as Bitcoin continues to see strong support at $50,000. While the big cryptos are trading sideways, quite a few coins managed to see double-digit percent gains today. Tezos, in particular, gained over 33% in price in the past 24 hours, setting it as the biggest gainer on Crypto.com. What is Tezos? Why is the price rising? Let’s find out.

What Is Tezos?

Tezos is a security-focused and upgradeable blockchain that’s built to last. According to its official website:

“Tezos is an open-source platform that addresses key barriers facing blockchain adoption for assets and applications backed by a global community of validators, researchers, and builders. By design, Tezos embraces long-term upgradability, open participation, collaboration, and smart contract safety.”

Tezos is a community governed ecosystem, allowing developers to deploy and interact with digital assets quickly. It features several smart contract languages that will enable developers to choose a syntax of their choice.

Tezos already has dozens of dApps available on its platform. One of the most popular apps on Tezos is Smartlink, a decentralized escrow solution for Web3.0.

Why Is Tezos Price Rising?

Tezos recently announced their Hack The Metaverse hackathon scheduled to start on December 10th and last for two days. According to the official announcement:

“We invite everyone to become co-creators of the Open Metaverse during our weekend-long hackathon! The focus of the tracks will be on gaming and the digital you. We are keen to explore different angles, whether it is blockchain, AR, VR, 3D, art, design, architecture, or anything you could imagine as part of this digital reality. Hack with us and Open the Metaverse.”

The hackathon will feature two tracks. The first track invites creators to think about ways to blend play and creativity, exploring the boundaries of video games. The second track invites developers to examine the space of digital identity and personal branding.

Both tracks offer $5,000 for the first place winner and $2,500 for second place winners for each track. Since Metaverse projects are receiving tons of hype these days, the upcoming hackathon is an excellent move by Tezos and is probably the main reason why XTZ price has seen bullish momentum today.

XTZ Price & Tokenomics

XTZ is trading at $5.59 at writing, with a 24-hour trading volume of $1.7 billion. Its circulating supply is 869 million, with a market cap of $4.86 billion.

You can purchase XTZ on Binance, Coinbase Exchange, Huobi Global, KuCoin, Kraken, Crypto.com, and more.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.

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