Tezos has for the first time this year climbed to become the tenth largest cryptocurrency. This follows a 12% surge in the last 24 hours. It also means that Tezos has once again reached a new year high. With its market cap climbing to over $1.6 Billion, Tezos has overthrown Cardano (ADA) in the top ten spot. It has further left Stellar (XLM) and Tron (TRX) in the wind.
Can Tezos Stay Up There?
This is the first time Tezos has climbed to the top ten rankings this year. But, it is a position it has held before, in particular, at the end of 2019 The tenth position has become a well-contested position with three coins battling for it. There is just under $200 million differentiating the 13th coin and the tenth, making any move crucial for any of the coins.
In 2020, Tezos bulls have been working extra hard to see XTZ climb up the rankings and reach new highs. The pullbacks have been well supported ensuring higher lows and the resistance breakouts confirmed by higher highs. Much of the gains have been propelled by massive project development and FOMO.
#Tezos stands alone as the most decentralized #POS crypto on the planet by far. It is one of the key factors why #XTZ has become so successful as a smart contract platform in less than two years of operation.
— Weiss Crypto Ratings (@WeissCrypto) February 8, 2020
One of the most recent developments leading the new bullish wave is the launch of Tezos perpetual contract with up to 50x leverage on Binance exchange. This was announced a few days ago, and while there wasn’t an immediate response, the bulls have finally shown up.
In the coming days, the bulls will look to ensure that the coin does not breach the $2.20 support. This will ensure that the rally continues to press on. On the upside, the bull’s target immediate target is $2.50 before attempting to break $2.74.
With nearly $2 billion between XTZ and the 9th ranked coin Binance coin, the asset is unlikely to take this position any time soon. But can it retain the tenth?
Cardano is hard on its tail. Unless Tezos can continue outperforming Cardano and indeed Tron and Stellar, the tenth position will not be sealed. However, Tezo’s bulls have proven in the last few weeks to be relentless. This means that the asset is set to continue surging in the weeks to come.