Bitfinex traders are longing Tezos in record numbers as price flirts with $4

Ever factoring in the 12 percent correction Tezos has seen in the past day, the cryptocurrency is one of the top-performing in the past week.

According to CryptoSlate data, Tezos, which has the ticker XTZ, is up 17.9 percent in the past seven days and up 27.68 percent in the past month.

Investors are embracing this price action, with data from Bitfinex indicating that traders are opening long positions for XTZ in record numbers.

According to the data, there are now more than 1,773,443 contracts of Tezos longs open compared to 285,671 contracts of Tezos short positions.

This indicates that traders think the value of XTZ is going to head higher in the weeks and months ahead. This much has been made clear by the sentiment about Tezos' price outlook shared by multiple technical analysts.

Price discovery occurs when an asset establishes a new all-time high after a period of macro consolidation; this phase of a market cycle often results in an asset going parabolic as it sheds historical resistances.

One narrative that may act as a boon for Tezos moving forward is how the network may be able to absorb some of Ethereum's market share.

Tezos could begin to encroach on ETH's market share should Tezos-based protocols and assets offer similar or better incentives for usage than those based on its competitor, Ethereum.

Right now Ethereum is easily beating Tezos by many measures.

If you talk to the supporters of smart contract projects such as Cardano, Tezos, EOS, and Tron, they will say that their respective blockchains are the best.