Tezos (XTZ) Moves Into Top 10 With an 18% Price Surge Over the Weekend

Siamak Masnavi

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:

XTZ-USD 24-Hour - 9 Dec 2019.png

It is not just this past weekend that Tezos has been on fire.

Here is the two-week XTZ-USD price chart:

Two Week XTZ-USD Chart on 9 Dec 2019.jpg

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

The Coronavirus Outbreak Is Delaying China’s Digital Currency Research

China’s research into the launch of its own digital currency has reportedly been delayed over the coronavirus outbreak, which according to recent data has infected over 81,000 people worldwide and claimed the lives of 2,765.

According to the Global Times, an anonymous source close to the matter has detailed that the outbreak forced several government institutions to slow down. The source was quoted as saying:

The coronavirus outbreak has led to postponed work resumption in government institutions, including the People's Bank of China (PBC). Policymakers and research staff involved in the DCEP project are no exception, which weighs on the development process.

Commenting on the case the CEO of a Shenzhen-based blockchain firm involved in the launch of the digital currency, Shentu Qingchun, noted the People’s Bank of China, the country’s central bank, was expected to make an important announcement during Q1 of this year.

Qingchun added, however, there’s only a month left and as such “chances that the announcement could be made on time are slim.” The currency, called Digital Currency Electronic Payment (DCEP), is still being developed and officials are discussing scenarios in which it could circulate as cash.

The source noted that the digital currency could still be launched on time as the central bank has “abundant talent” that can help it deal with the delay in research. Per Shentu, since the DCEP is a digital currency it would help reduce hand-to-hand contact among individuals, which has helped the coronavirus outbreak spread. As such, policymakers could give the DCEP more attention.

The Global Times’ source added that research into the DCEP has “achieved fruitful results” and that it’s close to an end. The central bank’s research institute, per the report, has applied for 65 patents involving digital currencies, while its institute of printing science and technology has applied for 22.

Featured image by Floriane Vita on Unsplash.