Defi Boom: Tezos ($XTZ) Hits New ATH on Back of 35% Weekly Gains, Here’s Why it Could Surge Further

Published by
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.

Source: TradingView

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.

Advertisement

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.

Tezos is perfectly set for a bullish last quarter as it continues to break ATHs and enter price discovery mode.

Advertisement

Share
Prashant Jha

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

USDH Launch Boosts Hyperliquid Amid Competitive Market Pressure

Native Markets has staked and locked 200,000 HYPE tokens for three years, making USDH the…

September 28, 2025
  • 24/7 Cryptocurrency News

SEC to Decide on Six Spot XRP ETF Applications in October

The U.S. Securities and Exchange Commission (SEC) is preparing for a key week in October…

September 28, 2025
  • 24/7 Cryptocurrency News

Ripple Partners with Ondo Finance to Tokenize U.S. Treasuries on XRPL

Ripple has partnered with Ondo Finance to combine traditional finance with blockchain technology. This partnership…

September 27, 2025
  • 24/7 Cryptocurrency News

Ethereum Exchange Supply Drops 52% as $3,700 Liquidation Risk Grows

Ethereum’s exchange supply has dropped by more than 52% from their 2016 levels, hitting a…

September 27, 2025
  • 24/7 Cryptocurrency News

XRP News: mXRP Vault Surpasses $22M as Investors Capitalize on Staking Rewards

Axelar and Midas's mXRP vault has surpassed $22 million in deposits within days of launch.…

September 27, 2025
  • 24/7 Cryptocurrency News

Galaxy Digital CEO Calls Next Fed Chair Bitcoin’s Bull Catalyst, Sets $200K BTC Target

Galaxy Digital’s CEO believes that the appointment of the next Fed chair could trigger Bitcoin…

September 27, 2025