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Tezos Gears up for Mumbai Upgrade: Will XTZ Continue its Bull Run?

Nomadic Labs proposed the 13th upgrade to the Tezos [XTM] network on January 17. The new version will offer various new features, including as the ability to transfer tickets between accounts, a 15-second block duration, and the addition of Epoxy on Mainnet.

Because of SNARKs’ proof-of-validity, the mainnet will increase instant finality even further. In addition, two additional RPC endpoints will be added to improve ticket ownership visibility.

After multiple tests, the 13th update, known as the Mumbai protocol upgrade, will be implemented. According to Nomadic Labs’ research, upgrading the system should put it closer to Tezos’ aim of one million transactions per second.

This may raise interest in the network and, as a result, the value of its native coin, XTZ.

Tezos failed to reach 100 million transactions in the previous six months, according to Santiment volume data, despite having a higher volume in January 2023 than in November and December 2022. The volume was roughly 24 million at the time of writing.

However, a check of the network’s developer activity found a huge increase. In the previous six months, the Development Activity index had reached its peak. At the time of writing, it was 1.86.

At press time, XTZ was on a bull run, according to the daily period chart. The asset had increased by 45% from the start of its rally in December 2022. As of this writing, XTZ has dropped by 1% and was trading around $1.00.

Furthermore, the asset had soared into the overbought region, according to the Relative Strength Index (RSI) line. In addition to a bull trend, the RSI line was above 70, indicating a possible price reversal.

 

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