Tezos (XTZ) gains 64% in one day: reached the highest in eight months

The price of Tezos (XTZ) has surged by 64%, reaching 1.40 dollars, the highest value since April. The jump is supported by significant announcements, positive growth data, and an overall market-friendly climate.

Let’s see all the details in this article. 

The Tezos token surpasses $1.40, supported by significant developments and partnerships

The cryptocurrency market continues to experience a period of high volatility, and Tezos (XTZ) is the cryptocurrency in the spotlight.

In the last 24 hours, the price of the native token of the Tezos blockchain has recorded an impressive increase of 64%, reaching 1.40 dollars. 

This value represents the maximum reached in the last eight months, an increase that reflects several key factors, including strategic announcements and a generally positive market context.

According to market data, Tezos has jumped from the lows of 0.78 dollars recorded at the beginning of November 18, managing to reach 1.40 dollars on various cryptocurrency exchanges. 

This increase has positioned Tezos at the top of the list of the biggest gains among cryptocurrencies with significant capitalization, surpassing Hedera (HBAR). However, it has also recorded a remarkable increase of 45% in the same time frame.

Support from Everstake and Messari report

One of the main reasons behind the surge of Tezos is the announcement by Everstake, a validation platform, which has recently confirmed support for staking tez. 

This development has attracted the attention of investors and has brought new enthusiasm to the Tezos community, strengthening the network’s growth prospects.

In parallel, the research company blockchain Messari has published its report on the state of Tezos for the third quarter of 2024.

The document highlighted positive results for the blockchain, such as the increase in transactions, the expansion of decentralized applications, and the growing number of upgrade proposals. 

The count of active validators has also increased, a sign of greater engagement and network security.

These data have helped to consolidate investors’ confidence in the long-term sustainability of the Tezos blockchain. 

The activity of platforms like Rarible, as well as game projects based on Tezos like Sugarverse and BattleRise, have further driven the dynamism of the network. 

Another factor that has stimulated growth has been the interest generated by important partnerships, such as the one with Manchester United, which launched the Fantasy United project on the Tezos blockchain.

A favorable market and bullish sentiment

The general context of the cryptocurrency market has provided fertile ground for the growth of Tezos. 

The Bitcoin (BTC), for example, has recently reached new all-time highs above 90,000 dollars, instilling optimism and encouraging investors to explore other opportunities in the sector.

This positive climate has favored the expansion of Tezos, whose daily trading volume has recorded an increase of 520%, exceeding 388 million dollars. 

The market capitalization of Tezos also rose by 44%, reaching over 1.16 billion dollars and positioning the token in 92nd place among the most capitalized cryptocurrencies.

The analysts believe that, to maintain this momentum, Tezos must transform the psychological level of 1.00 dollars from a resistance to a stable support. 

The next key areas to watch include the year-to-date highs at 1.56 dollars and the horizontal resistance at 2.00 dollars. 

Therefore, if the bull manage to maintain the pressure, Tezos could consolidate further gains and position itself favorably for an even brighter future.