$750 Million Crypto Tezos (XTZ) Spikes 10% to Reclaim Five-Month High

April 17, 2019

By CCN.com: Tezos (XTZ) was off to a positive start this Wednesday after a couple of unsteady sessions at the beginning of this week to scale a market cap of $790 million at press time.

The XTZ-to-dollar exchange rate surged 10-percent to establish its intraday high towards $1.19. The pair had found temporary support around the same level ahead of November 15’s Bitcoin Cash hard forking event. The price crashed, nevertheless, only to locate a so-called bottom area around $0.34. A strong rebound ensued and brought the XTZ price back towards $1.19 for the second time this week. A break above it could further strengthen XTZ’s bullish bias in near-term.

Tezos(XTZ) attempts to break November support to the upside| SOURCE: COINMARKETCAP.COM

The volume distribution in the Tezos market looks heavily concentrated on new players. In total, the XTZ-enabled pairs had posted a decent $5.69 million worth of trading traffic in the past 24 hours. Singapore-based BitMax hosted 35.65-percent of those total trades, maximally against Bitcoin’s BTC and Ethereum’s ETH. The exchange does not hold a good reputation when it comes to posting volumes. CER in its elaborated review found that BitMax website traffic is way less to support the trading activity it reports on CoinMarketCap.com.

Political Patting to Tezos

It is safe to assume that Tezos intraday uptrend is tailing the overall cryptocurrency market trend. The past 24 hours saw all the top cap crypto assets trending in green. Bitcoin, for instance, jumped 2.55-percent against the dollar, while Ethereum and Stellar surged similarly. The only difference between Tezos and the rest of the market was that the former received favorable mention from a prominent figure.

Bruno Le Maire, France’s Minister of Finance, projected Tezos’ blockchain as superior to its peers in the digital ledger industry. The 50-year old politician was speaking to an audience at a recently-held Paris Blockchain Week Summit about the growth-potential of blockchain technology in France.

“France has some nuggets on the entire value chain of new services to companies, hardware, and protocols,” said Le Maire. “I am thinking in particular of Tezos and which allows the development of a blockchain protocol overcoming the known defects of public blockchains.”

Not to add, Tezos was already improving the bullish bias for XTZ after partnering with San Francisco-based Coinbase exchange. Together, the firms would offer XTZ staking service, which would allow institutional investors to earn passive rewards by indirectly contributing to the running of Tezos blockchain. Coinbase promised annual returns up to 6.6-percent to investors.

Tags: TezosXTZ
Yashu Gola @whoisyashu

New Delhi-based Yashu Gola has been working as a cryptocurrency analyst/journalist since 2013. He is an information technology graduate, a cryptography junkie, a filmmaking enthusiast, and an avid reader of Jon Erickson, Agatha Christie, JK Rowling, and Isaac Asimov.