Tezos (XTZ) price spikes 64% to hit 8-month high

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As a seasoned analyst with over two decades of experience in the financial markets, I find it fascinating to witness such rapid and significant price surges as we are seeing with Tezos (XTZ) today. The 64% increase in just 24 hours is nothing short of remarkable, especially considering that this is the highest level since early April.

In just a day, the value of Tezos’ original token soared over 64%, reaching an all-time high of $1.40 – a peak not seen for Tezos since early April.

According to market data provided by crypto.news, Tezos (XTZ) saw a significant increase in value, starting at $0.78 in early trades on November 18 and peaking at $1.40 across major cryptocurrency exchanges. This price surge for the native token of this autonomous proof-of-stake blockchain network exceeded the growth experienced by Hedera (HBAR).

Among the leading 100 cryptocurrencies, Hedera experienced one of the greatest gains, surging by approximately 45% within the last 24 hours.

Why is Tezos price up today?

Tezos rose after validator platform Everstake announced support for tez staking.

As a crypto enthusiast, I’ve been closely following the latest updates on Tezos. The recently published ‘Q3 2024 State of Tezos Report’ by Messari has caught my attention, with its focus on significant growth across key metrics including transaction volume, the number of decentralized applications, upgrade proposals, and active validators. It’s an exciting time for Tezos investors!

The initiatives from platforms such as Rarible, Sugarverse, and BattleRise, along with the launch of Fantasy United by Tezos’s partner Manchester United, have indicated a surge in network usage and activity.

Over the past period, the general trend for many cryptocurrencies has been on an upward trajectory, aligning with overall market optimism during a bullish phase. Notably, Bitcoin (BTC) has surged to a record high of over $90,000, reinforcing the positive vibes in the market.

What next for Tezos?

On November 18th, Tezos stood at the top among the top 100 cryptocurrencies by market capitalization, experiencing significant growth within a 24-hour period. This open-source platform for assets and decentralized applications saw an impressive surge, boosting its trading volume by nearly 520%. At the time of writing, this increased volume surpassed $388 million.

The market value of Tezos rose by approximately 44%, exceeding $1.16 billion, which moved it to rank 92nd among the world’s largest cryptocurrencies in terms of market capitalization. This data indicates a solid foundation for further growth if buyers manage to transform the $1 level from a resistance zone into a strong support level.

Keep an eye on notable points as we move forward: peaks reached so far this year hover around $1.56, and a previous resistance level now acting as a potential supply area sits at $2.00.

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2024-11-18 22:06