Tezos (XTZ) has been enjoying continued success over the past couple of weeks. Despite the broader market downturn, XTZ is one of the few cryptocurrencies inside the top 20 that has remained consistently bullish. The coin has now entered the top ten, leaving rival platforms biting the dust.
This comes as Tezos staking officially starts on Kraken exchange.
Tezos Enters Top 10 Coin List
In the past 24 hours, XTZ has gained 6.80% and a market cap of $1.13 billion as it enters the top ten coin list. XTZ’s daily volume has also increased from around $70 million to $133.9 million as per data from CoinMarketCap. XTZ is currently trading at $1.72. The digital asset is the best performer with 33% gains on the weekly chart.
XTZ has now usurped Stellar (XLM) despite efforts by the Stellar Foundation to reduce its supply by burning 55 billion XLM tokens. XLM is now the eleventh-ranked cryptocurrency. Sadly, it has had a less-than-stellar year after depreciating by 53% year-to-date. XTZ, on the other hand, has gained 320 percent since the beginning of the year.
XTZ will enter a new bull run if the bulls manage to push the price past the $1.95 level. However, graph analysis suggests a potential reversal in the near-term. Trader CryptoFibonacci said:
Kraken Adds Tezos Staking
Tezos has recently been making headway with major crypto market players. As ZyCrypto reported, Binance and Coinbase already offer Tezos staking. Kraken becomes the latest exchange to throw its hat into the ring with its Tezos staking service commencing today (December 13). According to an official announcement, clients will be able to leverage their Tezos coins to secure the network and receive rewards at a 6% fixed rate.
Unlike on other staking platforms, users will be able to earn rewards instantly without having to wait for the usual 3-week period. In addition, users who wish to exit their staking positions will be able to do so seamlessly by just transferring their tokens from the staking wallet to their spot wallets.
Suffice to say, the immense growth witnessed in XTZ’s price as well as its staking fame has only added to the success of Tezos, as evidenced by Bitwise. Bitwise is a firm that provides the Bitwise 10 crypto index which monitors the performance of the 10 largest cryptocurrencies. In late-November, the Bitwise 10 index substituted Dash with Tezos (XTZ) for the 10th spot. Now, according to Su Zhu, the CEO of Singaporean Hedge fund Three Arrows Capital, the “Bitwise 10 has now sold XLM to buy Tezos”.
For altcoin enthusiasts, XTZ is offering a great opportunity for extraordinary growth. The crypto-asset is still risky but it’s definitely providing greater short-term gains compared to some other altcoins that have been sluggish.