Tezos (XTZ) was the best-performing major cryptoasset over the past weekend with a price surge of almost 18% that made it the 10th most valuable cryptoasset (by market cap).
According to data from CryptoCompare, Tezos started the weekend (7–8 December 2019) at $1.383 and finished it at $1.631 for an increase of $17.93%.
Although the Tezos price has retraced slightly since then -- XTZ is currently trading at $1.562 -- it is still up 5.9% in the past 24-hour period:
It is not just this past weekend that Tezos has been on fire.
Here is the two-week XTZ-USD price chart:
During this period, the Tezos price has gone up 23.93%. What is even more impressive is that the return on investment (ROI) figures for 90 days and the year-to-date (YTD) are +54.72% and +235.19% respectively.
In contrast, here are the ROI figures for Bitcoin:
- 7 Days: +2.27%
- 30 Days: -15.03%
- 90 Days: -25.90%
- Year to Date: +92.44%
So, why is Tezos performing so well?
Much of the price increase is likely due to staking support on two of the world's largest crypto spot exchanges:
- On 29 March 2019, Coinbase announced that Tezos staking support for clients of Coinbase Custody.
- On 6 November 2019, Coinbase said that it had extended Tezos staking support to all "eligible" U.S. customers (rather than just institutional clients of Coinbase Custody) with the exception of those based in the states of New York and Hawaii.
- On 3 December 2019, Binance announced that from 4 December 2019 it would support "zero fee" Tezos staking.
Featured Image Credit: Photo via Pixabay.com