With the altcoin market seeing a slight market downturn, the price of Tezos (XTZ) and Cosmos (ATOM) have rallied significantly amid the blockchain networks' recent upgrades.
Over the weekend, Tezos’s (XTZ) price had surged almost 17% to hit $5.95. Not only that, but the price of XTZ also showed a significant gain of 76% this month.
Since hitting a low of $2.09 on July 20, the altcoin had rallied 165% to a high of $5.53 on Aug 27 as its 24-hour trading volume surged above $1 billion.
The growth of XTZ mostly comes in response to the improvements made on the network with its recent ‘Granada’ update, which reduces block times from 60 to 30 seconds while reducing massive gas consumption in smart contracts.
The upgrade also introduces liquidity banking which aims to incentivize the large amounts of liquidity provision between XTZ and tzBTC by minting a small amount of XTZ every block and depositing it inside of a constant product market-making smart contract.
However, the altcoin rally this weekend was mostly propelled by digital asset firm Crypto Finance AG and Swiss business-to-business transaction bank InCore launching a new tokenization tool on the Tezos blockchain.
The price of Comos (ATOM) has surged today to reach $23.75 with a 14.8% gain over the past 24 hours.
The cryptocurrency too had a positive price performance this month from a low of $8.87 on July 20 to a high of $24.77 on Aug. 22 with a significant gain of over 180%, resulting in its 24-hour trading volume to rise from an average of $250 million to over $1 billion.
Cosmos's rally coincided with the recent launch of the first functioning user interface for DeFi on Cosmos called Emeris. The introduction of cross-chain exchange capabilities fuelled the Cosmos community, leading to a spike in demand for the token.
Another reason for the bullish momentum comes in response to the integration of Sifchain, a Cosmos-based decentralized exchange (DEX) built with the inter-blockchain communication protocol (IBC) that enables trading between the Cosmos and Ethereum networks for the first time.