Tezos Rallies Again Despite Broader Market Sell-Off

Tezos (XTZ), the 10th most valuable cryptoasset by market capitalization, is once again outperforming the broader crypto market today, with double-digit gains even as other assets like bitcoin (BTC) and ethereum (ETH) both saw losses of around 4% over the past 24 hours.

As of press time on Thursday (10:43 UTC), XTZ was up about 10% over the past 24 hours to a price of USD 2.85. However, it’s still the second-worst performer in the past week as the price fell almost 23%.

XTZ price chart:

Today’s gains come after tezos saw a retracement in its price on Monday and Tuesday this week, which marked the end of what has been a parabolic rally in the tezos price this year. Following the latest correction, tezos has roughly doubled in value since the beginning of the year.

Although there are currently few known fundamental drivers to explain today’s rally, one potential driver came from crypto exchange Kraken, which yesterday announced that it has enabled margin trading for XTZ with up to 3x leverage.

“With the launch, clients now have the option to pursue profits according to varying risk appetites, either by spot trading, margin trading or simply staking their XTZ. This is the first time an asset has been available for staking and margin trading on Kraken and Kraken Pro,” the exchange said.

Interesting to note is also a large transaction worth more than USD 30 million that moved across the tezos network today, as first reported by the Twitter account Whale Alert which keeps track of large crypto transactions. However, no further details were available about the massive move.