Rising Star: Tezos (XTZ) Overtakes Cardano’s ADA To Capture 11th Spot With Impressive Gains

445
Advertisement

In the past few days, the price of Tezos (XTZ) surged by more than 25 percent as the coin attained a billion-dollar market valuation. According to data from CoinMarketCap, XTZ sits comfortably as the 11th largest cryptocurrency with 6.88% gains in the last 24 hours.

In comparison, Bitcoin, Ethereum and Ripple’s XRP are posting modest losses ranging between 0.20% and 1.10%. Most of the other cryptocurrencies are also swimming in a bloodbath.

Tezos (XTZ) Is The Best Performing Cryptocurrency In The Top 20

The crypto market was somewhat calm over the weekend with most cryptocurrencies posting slight gains. Bitcoin broke past $7,500 but the bulls were unable to sustain the momentum. The top crypto is currently valued at $7,485.32 and is in bear territory. Tezos (XTZ) on the other hand, has been on a roll in recent days.

With a market cap of $1,058,925,826, XTZ is now the eleventh largest cryptocurrency. The coin gained more than 26% in a span of two days, pushing the price to a high of $1.65. It corrected downward slightly to $1.62 at press time, but XTZ remains the biggest mover in the crypto market. Notably, XTZ has also outperformed Ethereum, despite ETH successfully completing its Istanbul hard fork over the weekend.

Year-to-date, XTZ has gained a staggering 301.6 percent, outpacing bitcoin by far. Other altcoins like Ripple’s XRP have instead dumped more than 25% since the start of the year.

Advertisement

That said, some in the Tezos community believe the digital asset still has a lot of potentials.

XTZ has been enjoying a slew of positive news in recent days which can somewhat explain the stellar performance. 

Positive Developments In The Tezos Ecosystem

  • Binance staking support 

The second-largest cryptocurrency exchange by volume, Binance, announced its support for Tezos staking a few days ago. This zero-fee XTZ staking officially started on December 4 and XTZ rewards will be calculated on a daily basis and distributed “before the 20th day of each following month”.

This marks the second major exchange that supports Tezos staking. US cryptocurrency exchange giant Coinbase announced XTZ staking support for both its institutional and retail investors a few months ago.

Tezos currently has an annual staking reward rate of roughly 6.18 percent. It’s deemed safe because investors are allowed to have full control of their private keys during staking.

  • French Armies and Gendarmerie’s information and Public Relations Center used Tezos blockchain

In a press release published late last month, the French Armies and Gendarmerie’s cybercrime division (C3N) affirmed that they had used the Tezos blockchain to validate expenses incurred during judicial investigations.

The French Gendarmerie cybercrime division utilized Tezos’s main development/research center, Nomadic Labs, to purchase the cryptocurrency from Europol-allocated funds to cover operational expenses.

Layer 2 developments to be implemented soon

Per an announcement made on December 5, a number of layer 2 projects will be going live on the Tezos main-net soon. The new TzStats API will fully support smart contract decoding which will allow developers on the network to write applications without having to decode binary data. This API release will be going live on December 12.

At the moment, XTZ is a noticeable outlier among the top 20 cryptocurrencies. If this uptrend continues, XTZ could obliterate the $2.00 hurdle in the next coming days.


Get Daily Crypto News On Facebook | Twitter | Telegram | Instagram