Crypto markets corrected on Monday morning after hitting monthly highs over the weekend. Meanwhile, the Tezos (XTZ) price hits a new high. XTZ continues the same upward trend as at the end of 2019. Tezos users are entitled to a 5% reward from Coinbase.
11 February, 2020 | AtoZ Markets – After a weekend of solid gains, crypto markets have started to correct. Total crypto market capitalization hit a new annual record of $ 287 billion yesterday, the highest since mid-August. For the first time this year, the Tezos has climbed to become the tenth largest cryptocurrency. Tezos overthrew Cardano (ADA) in the top ten. It also left Stellar (XLM) and Tron (TRX) in the wind.
Crypto Markets Drop
Since then, $ 8 billion has been lost due to the bitcoin falling below five figures, as expected. The markets have steadily advanced in the past two weeks, so a correction is needed. Bitcoins had dropped to $ 9,819 at the time of writing, and further losses were expected. Analysts have seen the average level of $ 9,000 as a buyout for digital assets.
Ethereum also fell below $ 221 after reaching its highest level in several months at $ 230 last weekend. Ripple’s XRP lost 3%, falling to $ 0.275 during Asian trade this morning. The majority of altcoins were in the red, after a very bullish weekend during which many of them reached their highest level in several months.
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Tezos Enters Top 10
However, not all crypto was in retreat, and some were still up at the start of the new week. Tezos price regained a position in the top 10 of market capitalization charts with a 16% pump to hit a new high of just over $ 2.74 today. Tezos (XTZ) was caught in a wild upward trend during the latter part of 2019 and the beginning of 2020, with its rally. It started after Coinbase introduced its pool staking with more than 5% rewards for platform users.
However, it seems to have prompted investors to buy XTZ. It created strong buying pressure while allowing crypto to acquire increased fundamental strength due to the new batch of investors who have put their tokens into play. This proof of stake token has been one of the best performing cryptocurrencies in the past 12 months. Its rate is 455.73% since last year at the same time. So far, in 2020, XTZ has achieved a 100% gain, surpassing both bitcoin and Ethereum.
Tezos Price Surged Higher
At the time of this writing, the Tezos is trading more than 15.69% at its current price of $ 2.61. It marks a noticeable increase from its daily low of $ 2.48, which had been fixed yesterday at the same time. In the short term, XTZ encountered strong resistance at $ 2.74, and its slight rejection at this level. It could now enter a consolidation phase or drift downward before finding enough strength to prolong its momentum.
This level has historically been a level of strong resistance for XTZ/BTC since crypto has been rejected at 0.000260 BTC multiple times throughout 2019. This move allowed Tezos to take Cardano out of the top 10, its market capitalization reaching $ 1.813 billion according to Coinmarketcap.com.
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