Zetachain (ZETA) price continued its strong bull run, reaching an all-time high of $2.43 on Tuesday morning. At its peak, the token was up by more than 270% from its lowest point this month. Its market cap has jumped to over $548 million, making it the 129th biggest cryptocurrency in the world.
Crypto bull run continues
Zetachain, a blockchain project that makes it possible for developers to build quality decentralised applications (dApps), is one of the fastest-growing players in the industry. Its main benefit is that its network facilitates the building of interoperable dApps that span across multiple blockchains like Bitcoin and Ethereum.
Data published in its website shows that it has processed over 14 million cross-chain transactions. Most of these ones happened during its testnet, which had over 3 million users. A separate data report by DeFi Llama shows that it has attracted 13 DeFi developers while the total value locked (TVL) has jumped to over $2.5 million.
ZETA price has jumped sharply after the developers launched the mainnet beta two weeks ago. Since then, they have attracted more partnerships, including with the likes of Bitkub Academy and Pyth Network, one of the biggest oracles in the industry.
The other important milestone is that many people are still staking the token. Data in Accumulated Finance shows that the total liquid staking volume in the platform has jumped to $186k and the trend could continue in the next few weeks.
Most importantly, ZETA price has jumped because of the crypto bull run season that we are in today. Bitcoin pricehas already crossed the important resistance at $50,000, opening the possibility that it will get to its all-time high of $67,000 in the coming months.
As always, a bull run in Bitcoin’s ecosystem leads to more demand for alternative cryptocurrencies. This explains why popular tokens like ETH, SOL, and ADA have also rebounded.
Fundamentally, Zetachain faces the challenge of competition because the number of chains have jumped recently. Still, the recent Sui performanceshows that there is room for more. Sui has moved to becoming one of the top ten players in the DeFi industry.
Zetachain price forecast
ZETA chart by TradingView
Turning to the two-hour chart, we see that the ZETA token price has done well in the past few days. Most recently, the token rose above the key resistance point ay $2.10, its highest swing on February 2nd. It has also risen above the 50-period moving average. Also, the Average Directional Index (ADX) and the Percentage Price Oscillator (PPO) have pointed upwards.
Therefore, the outlook for the ZETA token is bullish, with the next point to watch being at $3. The stop-loss of this trade will be at $2.
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