The weekend has been good for the XTZ cryptocurrency. As we can see, Tezos surged by more than 27% and led the cryptocurrency market’s total valuation back above $200 billion. At press time, this cryptocurrency is the clear leader in terms of performance as it tops $1 billion market cap and closes on the top ten positions.
The good news now is that there has been no big crypto dumps over the weekend and almost all coins have grounded slightly higher. The Tezos news show that while Bitcoin was consolidating and pushing above $7,500, XTZ was also in a nice momentum and made real progress, adding almost a third worth of its price.
Tezos surged by 27% and has just flipped Cardano (ADA) as the market capitalization topped a billion dollars for the third time this year. The price of XTZ started the weekend around $1.30 XTZ and surged to an intraday high of $1.65 a couple of hours ago. This move has been great and in only two days made a lot of progress for the altcoin.
As Tezos surged, the daily volume of XTZ cranked from around $40 million to almost $70 million one day. Binance and OKEx were taking the majority of the trade, followed by Coinbase Pro. Since the start of the year, Tezos has made a whopping 250% surge and outperformed Bitcoin too – as well as most of the other cryptocurrencies in the altcoin news.
Analysts commented as Tezos surged. One of the loudest was Kevin Mehrabi who said:
— Kevin Mehrabi (@KMehrabi) December 8, 2019
There is a lot of crypto tribalism here now, and many are seeing this as a major opportunity to bash the rival blockchain platforms EOS and Ethereum. However, the fact that Tezos surged showed that it is one of the strongest altcoins now – and even that it has the power to lead another “altseason” soon.
When it comes to the real reason behind the surge, there could be a few. Staking opportunities for Tezos which are now available on the two leading platforms Coinbase and Binance are apparently the most serious reason behind the jump.
Meanwhile, development is still continuing with Tezos. The fact that Tezos surged is also linked with a recent announcement showing that there were several layer 2 projects waiting to go live on its mainnet soon.
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