Bitcoin Returns Above USD 9,000, Tezos Leads the Rally
The most popular cryptocurrency, bitcoin (BTC) has returned above the USD 9,000 mark on Thursday, while tezos (XTZ), the 10th most valuable cryptoasset by market capitalization, is again seeing double-digit gains today following an improvement in overall sentiment in the broader crypto market.
At pixel time (12:10 PM UTC), BTC trades at c. USD 9,134 and is up 4.5% in a day and 2% in a week, almost erasing its monthly losses. Last time BTC was above the USD 9,000 level is February 26. Also, only three coins are in green against BTC today - bitcoin cash (BCH) (+1.3%), binance coin (BNB) (+3%), and XTZ (+8%).
Against USD, tezos is up by 13% in the past 24 hours to a price of USD 3.17, making it today’s best performer among the top 10 cryptoassets.
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The most recent gain comes after tezos saw a strong sell-off on Monday and Tuesday last week, which brought the asset down 20% in just two days. However, the massive sell-off ended with a rally on Thursday the same week, which ran counter to the negative sentiment in the broader market.
From a technical analysis perspective, today’s strong move appears to have been fuelled by a breakout through the technical resistance at the USD 3 mark, which paved the way for even higher prices.
The resistance was most visible on the 4-hour chart, which is a popular timeframe used by many mid-term crypto traders. Having moved past this level, the road to the USD 3.5-3.6 area appears more or less wide open, with further gains likely as soon as those levels are breached.
On the whole, tezos has been one of the strongest performers among the top cryptoassets this year, having recently made its way into the top 10 list by market capitalization. The gains are believed to have been partly fuelled by developments surrounding the coin’s staking mechanism, including the fact that crypto exchanges Kraken and Coinbase, as well as hardware wallet maker Ledger, have all added staking support for XTZ holders, making it easier for a large number of users to take part in XTZ’s staking economy in return for rewards.
Learn more: Tezos Soars on These 3 Strengths