Lately, Bitcoin has seen a continuous bear zone. As a result, traders have shifted the focus onto altcoins. Some of the top ten altcoins are seeing uptrend as of writing. However, one altcoin, Tezos has surpassed a market capitalization of its previous altcoin and climbed one step higher to enter the top ten. Moreover, the XTZ price has seen a 14% surge in the last 24 hrs.
On Dec 12, Tezos price saw a whopping 15% surge increasing from $1.54 to $181 in a mere few hours. The XTZ is now at 10th position pushing Stellar down one step. As of writing, Tezos is up by 13.57% trading at $1.76 USD. Even, XTZ/BTC is up by 12.66%, trading at 0.00024213 BTC.
The one-day chart shows steady growth in Tezos price. Already, Tezos had outperformed Bitcoin as per the year-to-date data. Now, with this price surge, XTZ has become the best performing crypto among the top 10.
XTZ Technical Analysis:
Tezos has been having a decent run and after two days of a retracement, the price has pushed higher today.
RSI Indicator: The 4-hour chart shows RSI Indicator nearing the 60 level. In the last 24 hours, the RSI INdicator has crossed 70 level twice. This shows XTZ bullish sentiment will continue.
MACD Indicator: The 4-hour chart MACD Indicator is a bit in the bullish zone. However, the 24-hour chart shows Tezos in the bullish zone more than in the bearish zone. The XTZ will hold bullish ground as per the chart.
Major reason for XTZ price surge is Tezos Staking
Earlier, one of the top cryptocurrency exchanges, Binance had announced its support for Zero-fee Tezos staking on the exchange. Following this, the XTZ price had seen an 11% price hike. At the same time, even Coinbase exchange has added Tezos zero-fee staking. Other exchanges to support this staking are KUCOIN, GATE, OKEx pool. The latest exchange to be added to the list is Kraken exchange. The Kraken exchange announced its support to Tezos staking on Dec 11, 2019. Even Ledger has followed this staking trend.
All-in-all, Tezos has managed to defy the broader bearish crypto market on multiple occasions over the last couple of months. It is interesting to note the XTZ is slowly but steadily nearing the market cap of Bitcoin SV. It might even climb to 9th position if this uptrend continues.