Defi Boom: Tezos ($XTZ) Hits New ATH on Back of 35% Weekly Gains, Here’s Why it Could Surge Further
Tezos ($XTZ), the sixth-largest Defi token by market cap hit a new all-time-high (ATH) of $9.18 as it extended its weekly gains over 35%. The Defi token has seen a 2X price surge since September end and the momentum has continued in October. The Defi token defied the market’s bearish trend towards the end of September and just liver several other Defi tokens, it made double-digit gains.
Another reason being attributed to the recent surge in Defi tokens is the recent crypto ban announced by the Chinese central bank. The new set of crypto crackdown guidelines are said to be strictest as it not only prohibited crypto mining and trading but also warned foreign crypto exchanges from offering any services in China as all crypto transactions are deemed illegal. Chinese insiders claimed that many crypto traders in the country are focusing on the Defi market in the wake of the ban. Thus leading to double-digit gains even when the rest of the market was consolidating.
Tezos price surge is being attributed to the recent network upgrade that made the network much faster and cut down the gas cost as well. Another bullish reason for the surge is growing staking on the network where nearly 78% of the total supply has been staked till now, thus the number of available tokens in the market continues to decline to add to the bullish factor.
Tezos ($XTZ) To Enter Price Discovery Mode?
After posting a new ATH above $9, there is not much price resistance ahead that could propel the Defi token to enter a price discovery mode quite similar to Play-to-Earn NFT Gaming platform Axie Infinity ($AXS) and Solana ($SOL) last month. Apart from price discovery, $XTZ is also on the verge of breaking out of a multi-year uptrend from the top which could aid its price rise further.
Do you know what happens when it breaks a multi-year uptrend from the top?#tezos $xtz #xtz pic.twitter.com/5ESYm6GVyM
— Salaire Brut en Net (@brut_en_net) October 4, 2021
Tezos is perfectly set for a bullish last quarter as it continues to break ATHs and enter price discovery mode.
- SEC to Decide on Six Spot XRP ETF Applications in October
- Ripple Partners with Ondo Finance to Tokenize U.S. Treasuries on XRPL
- Ethereum Exchange Supply Drops 52% as $3,700 Liquidation Risk Grows
- XRP News: mXRP Vault Surpasses $22M as Investors Capitalize on Staking Rewards
- Galaxy Digital CEO Calls Next Fed Chair Bitcoin’s Bull Catalyst, Sets $200K BTC Target
- Pepe Coin Price Bounce Likely as Support Zone Aligns With Rising Social Activity
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
