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

The price of Tezos’ native token jumped more than 64% in 24 hours, reaching $1.40, the altcoin’s highest level since early April.

Market data tracked by crypto.news shows Tezos (XTZ) rising to $1.40 on major cryptocurrency exchanges, rising from its low of $0.78 in early trading on November 18. This sharp increase in the price of the native token for this self-enhancing proof-of-stake blockchain network has outpaced Hedera’s gains. (HBAR).

Hedera became the second highest-earning company among the top 100, with an increase of over 45% in the last 24 hours.

Why did Tezos price increase today?

Tezos rose after verification platform Everstake announced support for thesis staking.

Recently, Messari released the ‘State of Tezos for Q3 2024’ report, highlighting growth in metrics such as transactions, decentralized applications, upgrade offers, and number of active validators.

Projects such as Rarible, as well as activity on gaming platforms Sugarverse and BattleRise, have signaled network growth. Additionally, Tezos partner Manchester United has further increased activity on the blockchain by launching Fantasy United.

The overall upward move for most cryptocurrencies has coincided with broader market positivity amid bull market sentiment. Bitcoin (BTC) rose to a new all-time high above $90,000, adding to the optimistic outlook.

What’s next for Tezos?

On November 18, Tezos topped the list of 24-hour gainers among the top 100 by market cap. The open-source platform for assets and decentralized applications traded higher with a 520% ​​increase in daily volume, surpassing $388 million at the time of writing.

Tezos’ market capitalization also increased by 44% to over $1.16 billion, ranking it 92nd among the world’s largest cryptocurrencies by market capitalization. These measurements suggest that there is a strong basis for continued uptrend if the bulls can flip the psychological $1 level from resistance to strong support.

Key areas to watch on the upside include year-to-date highs near $1.56 and the supply zone of horizontal resistance at $2.00.