Or, in the case of Tezos, the apparent lack thereof. Take a look at the following tables (data from CoinMarketCap, which includes most exchange data and is the go-to source for many crypto enthusiasts, and OpenMarketCap, which includes data only from “reputable exchanges”, on March 28, 2019) showing the market caps and trade volumes during the past day for the top 25 coins:

Top 25 coins on CoinMarketCap as of March 28, 2019, ranked by market cap

Top 25 coins on OpenMarketCap as of March 28, 2019, ranked by market cap

The trade percentage is the percentage of the market cap which was traded during the prior twenty-four hour period. Some, such as NEO, are extremely active, pushing 45% of its total market cap changing hands according to CoinMarketCap, and 1% according to OpenMarketCap. Others are more reasonable; for example, XLM with just over 12% of its total market cap involved in trading on CoinMarketCap, and just 0.6% on OpenMarketCap. And almost one in seven BTC changed hands in the past twenty-four hours according to CoinMarketCap, while OpenMarketCap suggests that only 1.3% of BTC’s market cap was traded.

Note that the trade percentage for Tezos is a mere 0.9% of the total market cap according to CoinMarketCap, the smallest of the bunch, and a mere 0.4% by OpenMarketCap’s data.

Here’s the same info sorted according to trade percentage rather than market cap:

Top 25 coins on CoinMarketCap as of March 28, 2019, ranked by trade percentage

Top 25 coins on OpenMarketCap as of March 28, 2019, ranked by trade percentage

In the CoinMarketCap data, Tezos can be clearly seen at the very top of the table with just a fraction of the trade percentages of most of the top 25, and far below those of the top 10 projects. On the arguably more accurate OpenMarketCap data, Tezos is still close to the top of the table at number four, still with a very small trading percentage compared to most other top projects.

So what can we deduce from this? Is it the case that nobody is interested in Tezos? Not really, given the remarkable run Tezos has had in the past month, nearly doubling in value; hardly indicative of purchaser apathy. Could it be that Tezos isn’t listed on many major exchanges and is thus difficult to obtain? Perhaps, although it’s available on solid exchanges such as Gate, Kraken, and a sizeable number of smaller exchanges; it’s not as if one has to dive deep into the furthest reaches of the Internet to get one’s hands on XTZ. Could it be wash trading volume on scammy exchanges making some coins look far more interesting than they really are? Sure, that’s a very real possibility. Or armies of bots trying (and more often than not failing) to cream off minuscule gains by executing millions of tiny trades each day? Again, could be, but high bot activity isn’t exactly indicative of a healthy and stable ecosystem.

Or could it be the following: the amount of XTZ being traded each day is low because 81% of XTZ is deliberately not being sold for quick gains and is instead currently being used for supporting the network via baking by strong holders, leaving little available for buyers on the open market? I’m inclined to believe this is the case. This suggests that Tezos tokens are thought of as far more than mere playthings for day traders to toss around, desperately trying to increase their portfolio values, or for dodgy exchanges to use as easy tools to generate fake volume. And if this truly is the reason, it suggests that people must therefore see a unique value in holding XTZ that they don’t see in any other major blockchain project. Unsurprising, given the consistent positive coverage, the strong community, and the upcoming developments that will propel the real-world utility of Tezos (and its market value) skywards.

In my opinion, higher trade percentages are indicative of people or businesses seeing tokens as having little long-term value. They’re not being traded in huge volumes because people see them as inherently valuable in the future (remember, for every new buyer, there’s also a seller who no longer values the token), but rather being bought and sold on a purely speculative, transient, and often-thoughtless basis. There’s little loyalty (and thus stability) in those high trade percentage projects. After all, when someone sees long-term value in something they own, they’re unlikely to part ways with it, but when someone doesn’t really give a damn about something they own, they’re inclined to sell at the drop of a hat. The unique long-term value of Tezos is obvious, whether through baking and receiving regular rewards for doing so (and making Tezos a prime example of proof-of-stake helping to create an extremely secure and stable decentralized network, the sort of network serious projects want to be involved with), or because there’s a number of significant network upgrades ahead, quality ideas being developed on the Tezos blockchain, and almost-daily news of partnerships and major organizations showing interest in Tezos. In other words, the comparative lack of volume can be seen as positive: XTZ is being bought and held by people seeking long-term returns, rather than speculators seeking short-term gains. And that’s good news for Tezos.

This will change. As some of the larger exchanges start to list Tezos, the volume will increase . . . probably (and particularly on better sources such as OpenMarketCap which ignores the lesser exchanges where Tezos has more of a foothold at the moment). But given the fact that most Tezos holders clearly don’t want to sell — even after realizing large gains over the past month — what will doubtless become one of the most talked-about and valuable blockchains of the upcoming year, volumes may remain low (boosting prices yet further as people struggle to get their hands on XTZ) due to limited supplies.

So once again, it’s still a great time to buy. Tezos is rapidly gaining momentum because it’s a young and growing blockchain (although not unproven in terms of reliability, having a grand total of zero incidents thus far) with a bright future ahead. Buyer demand will only increase. I’ll reiterate my core message: if you’re not currently holding XTZ in your portfolio, it’s time to act. After all, what do you want to own this time next year? Tokens that are still nothing more than playthings for speculators, or tokens that are highly sought after because they’re actually worth holding on to?