The Tezos party is still pumping, and so is its price.
Following the news yesterday that Coinbase would begin rewarding XTZ holders for staking the cryptocurrency on its platform, the price of Tezos has soared. Today, XTZ is up by another 20 percent, currently trading for around $1.25 per token. (For a detailed look at how and why this happened, read our earlier report here.)
In general, Tezos has been on a roll for the last couple weeks. After hitting a low point of $0.75 per token in October, XTZ jumped into the $0.90 range following news that tZERO would tokenize more than $600 million in U.K. real estate using the Tezos blockchain. The cryptocurrency would hit this figure again on November 5, only to spike beyond $1 the next day after Coinbase’s announcement.
Coinbase adding staking rewards on its platform, beginning with Tezos, is likely to provide the exchange with a solid supply of XTZ, thereby boosting its liquidity. This could potentially explain why the price of the cryptocurrency is spiking so rapidly at the moment.
Last September, Tezos experienced another solid price surge when Binance—one of the largest and most popular exchanges in the world—announced it was adding XTZ to its exchange and hinted at future staking rewards as well.
Tezos is by far the best-performing cryptocurrency in the top-20 coins by market cap today, with every other token in the red. Bitcoin, for example, is down to around $9,200, and Bitcoin Cash has dropped roughly $10 to fall back to $290 per coin.