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Tezos Price Prediction 2024: What Next for XTZ Smart Contract Crypto?

Last Updated February 28, 2024 11:35 AM
Peter Henn
Last Updated February 28, 2024 11:35 AM

Key Takeaways

  • XTZ underperformed the market in 2023, but still made an annual profit.
  • The Tezos coin supports a blockchain which is designed to alter itself rather than having to rely on hard forks.
  • Can XTZ maintain its upward momentum?
  • One Tezos price prediction says it can reach $11.96 next year.

Although the Tezos blockchain had a successful 2021, it struggled in 2022, losing more than 80% of its value. 

And while things got better over the course of 2023 so far, it still underperformed against the overall crypto market.

By February 28, 2024, XTZ was worth about $1.15.

Tezos did not immediately respond to a request for comment.

But what is Tezos (XTZ)? How does Tezos work? Let’s see what we can find out, and also take a look at some of the Tezos Price Predictions that were being made as of February 28, 2024.

Tezos Coin Price Prediction 

With that all out of the way, let’s take a look at some of the Tezos price predictions that were being made as of February 28, 2024. It is important to remember that price forecasts, especially for something as potentially volatile as crypto, very often end up being wrong. Also, keep in mind that many longer-term crypto price predictions are made using an algorithm, which means that they can change at a moment’s notice. 

2024 2025 2030
Prediction #1 $2.31 $2.95 $8.54
Prediction #2 $1.52 $11.96 $22.91
Prediction #3 $1.65 $2.49 $16.09

First, CoinCodex  made a short-term Tezos price prediction that said the coin would drop to $1.13 by March 4 before falling further to $0.9027 by March 29.  The site’s technical analysis was, perhaps surprisingly, bullish, with 26 indicators making optimistic predictions and just five making bearish ones. 

Tezos Price Predictions for 2024

DigitalCoinPrice  said Tezos would trade at $2.31 in 2024. CaptainAltCoin  said it would close the year at $1.52. PricePrediction.net  said XTZ would reach $1.65 this year.

Tezos Price Predictions for 2025

Moving on, PricePrediction.net said Tezos would get to $2.49 in 2025. DigitalCoinPrice had it at $2.95 that year. CaptainAltCoin was extremely optimistic, saying XTZ could trade at $11.96 next year.

Tezos Price Predictions for 2030

Looking at a more long-term Tezos price prediction, CaptainAltCoin was, again, out in the lead. The site said that the crypto would reach $22.91 in 2030. PricePrediction.net said the coin would be worth $13.40. DigitalCoinPrice had an XTZ price prediction that saw it trade at $7.28 at the start of the next decade.

Google Gemini AI Price Prediction for Tezos (as of February 28)

Google’s Gemini AI platform gave the following price prediction for Tezos on February 28. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligent price predictions are predicated on past performances and are in no way entirely accurate.

Short-term (1 month):

  • Prediction: Tezos price could decrease by 16.68% to reach around $0.91 by March 26, 2024.
  • Reasons: Current market sentiment is showing “Extreme Greed” which can often lead to corrections. Additionally, technical indicators suggest a potential short-term downtrend.

Medium-term (6 months):

  • Prediction: Tezos price is expected to rise by 16.42% to reach around $1.27 by August 23, 2024.
  • Reasons: Despite the short-term dip, Tezos has experienced positive price trends over the past 30 days with more than half being green days. Additionally, the project’s ongoing development and strong community support could contribute to price increase.

Long-term (2030):

  • Prediction: Tezos price is predicted to be within a range of $0.62 to $2.37, with a potential increase of 112.95% if it reaches the higher target.
  • Reasons: The long-term prediction is highly uncertain and depends on various factors like wider crypto market movements, adoption of Tezos technology, and potential regulatory changes. However, Tezos’ focus on energy efficiency, governance capabilities, and growing developer interest could contribute to long-term price growth.

It added: “It’s important to remember that these are just predictions, and the actual price of Tezos could be significantly higher or lower. It’s crucial to do your own research and consider all factors before making any investment decisions.”

Advantages and Disadvantages of Tezos 

Blockchain analytics company Messari recently released its quarterly report on Tezos . It outlined some key advantages and disadvantages of the blockchain.

It said that between October and December 2023, Tezos had

  • Revenue of $19,300, down from $148,100 year-on-year but up from $14,400 quarter-on-quarter.
  • Total Value Locked (TVL) of $105.5 million, up year-on-year from $63 million and up quarter-on-quarter from $75.5 million.
  • 43,900 average daily transactions, up from 43,100 year-on-year and from 42,900 quarter-on-quarter.
  • An average market cap of $900 million, up from $700 million year-on-year and $600 million quarter-on-quarter.

Advantages of Tezos

Messari said that Tezos

  • Had worked well on how it carried out off-chain transactions.
  • Was doing a good job in keeping its NFT space active and was growing its DeFi sector.
  • Created upgrades, demonstrating that it was able to be faster and more efficient.

Disadvantages of Tezos

Messari also said that Tezos

  • Was finding attracting new accounts difficult.
  • Saw its revenue fall following in decrease in gas fees.
  • Had suffered following broader crypto regulatory uncertainty.

XTZ Price History

Let’s now take a look at some of the highlights and lowlights of the Tezos price history . While past performance should never be taken as an indicator of future results, knowing what the coin has done can help give us some very useful context when it comes to either making or interpreting a Tezos price prediction. 

Tezos started its time on the open market in the autumn of 2017, trading at around $2. Although the crypto bubble at the end of the year saw XTZ peak at $12.19 on December 17 it fell substantially in the 12 months after that, and  dropped to an all-time low of $0.3146 on 7 December 2018. The price then slowly climbed over the following two years, closing 2020 at $2.02.

Early 2021 saw crypto enter a boom period, and XTZ rose with the market, reaching a periodic high of $8.40 on 7 May. The coin dipped over the summer,  but it recovered in August and on October 4 it hit a high of $9.17. 

Tezos then fell $4.35 at the end of 2021, representing an annual increase of 115%.

2022 was not such a good year, as the crypto market went through a series of crashes. XTZ fell below the dollar in December and it closed the year at $0.7174. This meant the coin lost 83% of its value year-on-year. 

Tezos in 2023 and 2024

Tezos Price History
Tezos has fallen and risen over the last year | Credit: CoinMarketCap

2023 was more encouraging for Tezos. A buoyant market saw it break past the dollar in January on its way to reach $1.47 on February 23.

After that, though, it was all downhill. In June, the news that the United States Securities and Exchange Commission was suing the Binance and Coinbase crypto exchanges shook the coin and the market. The market turmoil saw XTZ fall to a low of $0.6909 on June 10.

Tezos then made a recovery to $0.8902 on July 24. After that, though, it fell and reached a low of $0.6315 on September 11. That price served as a kind of support over the next month or so but it recovered to close the year at $1. This annual rise of around 40% saw it underperform against a market that more than doubled in 2023. 

There was more upward movement in the new year and, on February 28, 2024, Tezos was worth about $1.15.

At that time, there were 972.5 million XTZ in circulation out of a total supply of 993.3 million. This gave the coin a market cap of $1.1 billion, making it the 74th-largest crypto by that metric. 

Tezos Price Analysis

Tezos Price Analysis
XTZ could reach $2.

After reaching a low in October, Tezos started recovering significantly. On January 15, it reached a high of $1.20, but it was followed by a downturn to just below $1. 

With XTZ looking bullish, we could expect a rise above its previous high of $1.20. If this is the start of its third wave, XTZ could move significantly upward, with our next target at $1.80. Indeed, by the completion of this uptrend, Tezos could climb to $2.

Is Tezos a Good Investment?

It is hard to say. Tezos made a small recovery over the course of 2023. However, the shadow of the disasters of 2022 are still looming over it. 

That said, Tezos is a useful blockchain. The idea that it can change without splitting does, at least in theory, give it a certain solidity that might make it appealing to investors.  

As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in XTZ.

Will Tezos go up or down?

No one can really tell right now. While the Tezos crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up. 

Should I invest in Tezos?

Before you decide whether or not to invest in Tezos, you will have to do your own research, not only on XTZ, but on other, related, coins and tokens such as Solana (SOL) and Cardano (ADA). Either way, you will also need to make sure that you never invest more money than you can afford to lose.

Who is the Founder of Tezos?

French analyst Arthur Breitman , wrote the Tezos whitepaper under the pseudonym LM Goodman in 2014. Breitman had previously worked for Google and Waymo as a software analyst and, before that, worked for Goldman Sachs and Morgan Stanley. 

Who Owns the Most Tezos?

The Wallet with the most Tezos is linked to the Binance (BNB) crypto exchange.

Richest XTZ Wallet Addresses

According to the CoinCarp  website, the five addresses with the most Tezos on February 28 2024 were

  • 0x0000000000000000000000000000000000001004. This wallet is linked to Binance and held 2,121,305 XTZ or 42.01% of the supply.
  • 0x21d45650db732ce5df77685d6021d7d5d1da807f. This wallet held 351,105 XTZ or 6.95% of the supply.
  • 0xf977814e90da44bfa03b6295a0616a897441acec. Listed as Binance Hot Wallet 20, it held 300,000 XTZ or 5.94% of the supply.
  • 0x058a871358c1b01039a265635ea282c3f435a9ed. This wallet held 115,788 XTZ or 2.29% of the supply.
  • 0x8894e0a0c962cb723c1976a4421c95949be2d4e3. This wallet, listed as Binance Hot Wallet 6, held 85,894 XTZ or 1.7% of the supply.

Fact Box

Supply and distribution Figures
Total supply 993,387,999
Circulating supply on February 28 2024 972,517,337
Holder distribution Top 10 holders own 64.65% of the total supply as of February 28 2024

 

From the Whitepaper

In its technical documentation, or whitepaper , Tezos says that it can, in simple terms, fix itself. 

The whitepaper says: “Tezos supports meta upgrades: the protocols can evolve by amending their own code.”

Tezos (XTZ) Explained

The Tezos  blockchain was first proposed in 2014 and came online in 2017. It was designed to work well even when traffic was high, meaning that it is, theoretically, scalable. 

The platform makes use of smart contracts, computer programs that automatically execute once certain conditions are met, to support decentralized applications (dApps). 

Tezos is supported by its own, eponymous, crypto coin, known by the ticker handle XTZ.

How Tezos Works

Tezos is a self-amending blockchain. This means that when a vote is taken to change something on the system, it is put in place automatically. This means that the system is, at least in theory, immune from hard forks, moves which basically split the blockchain and, potentially, create new cryptos as a result.

The blockchain uses a Proof-of-Stake consensus mechanism. People are selected to validate transactions and add blocks to the blockchain based on how much XTZ they hold.

The XTZ coin is used to give holders votes on the system’s future and the right to add blocks to the blockchain. It is also used to pay for fees on the network, and it can be bought, sold, and traded on exchanges. 

Tezos Attention Tracker

Tezos Google Search Volume
Tezos Google search volume | Credit: Google

Here is a chart for the Tezos Google search volume for the past 90 days. This represents how many times the term “Tezos” has been Googled over the previous 90 days.

FAQs 

How many Tezos are there?

On February 28, 2024, there were 972.5 million XTZ in circulation out of a total supply of 993.3 million.

Will Tezos reach $10?

It might do, but not for a while yet. Both CaptainAltCoin said it could get there as soon as 2025, while DigitalCoinPrice had it reach that level in 2031. PricePrediction.net, meanwhile, said XTZ could get to double figures in 2029.  

Keep in mind that, although XTZ has traded at more than $10 before, it has not done so since December 2017.

What is Tezos used for?

The XTZ token is used to reward people who add blocks to the Tezos blockchain. Holders can vote on changes to the network, and XTZ can be bought, sold, and traded on exchanges. 

Disclaimer 

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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