Tezos (XTZ) has surged about 30% in the past week threatening to displace Stellar (XLM), a settlement platform on the blockchain, from the top 10. A break above $1.07 Billion USD in market capitalization – if XLM’s price remains stagnant – will effectively book a place amongst the top 10 cryptocurrencies.
If the rocketing price of XTZ fills Tezos believers with belief in the staking system, then a break into the top 10 cryptos (by market cap) signals a bullish future for the coin. Or does it?
XTZ on the rise as market dips below $200 billion
Yet another day of red as the cryptocurrency world eyes bears with scorn as the market keeps turning red day after day. However, looking through the top 20 coins, one coin has kept its momentum going as staking interest soars to higher volumes – Tezos (XTZ), has seen a further 3.56% rise in the past 24 hours despite the extended bleeding market.
While the market bleeds well below the $200 billion USD mark, currently at $196.3 billion USD, XTZ has kept itself together soaring past $1.60 USD and registering over $1 billion market capitalization. While the road ahead looks bleak for the staking cryptocurrency, a move to the top 10 cryptos looks inevitable in the coming 24 hours.
— Luna Tierra (@letgoletsgrow) December 12, 2019
How can XTZ make it to the top 10 cryptos?
Well, there is only one way Tezos can make it to the top 10 cryptocurrencies – by simply outgrowing the coins currently on the list. But what are the real numbers that Tezos has to achieve to push it into the top 10?
Tezos (XTZ) looks set to take over the number 10 spot from XLM in the coming hours (or already has) as the two cryptocurrencies are separated by only $10 million dollars in market cap – a narrowing figure in the past few days. Looking at the image above, the price of XTZ has been on the up, soaring over 27% in the past week as XLM followed the bearish market in plummeting to $0.05300 USD, representing a 4.6% decrease in a week.
Keeping the growth rate as it were in the past 24 hours, it would take Tezos less than a day to surpass Stellar Network and book a place in the top 10 cryptos.
Assuming stellar keeps steady in the next 24 hours, XTZ bulls will need to push the coin by a slight 0.98% to break into the top 10. This translates to the coin moving from its current $1.60 USD price to $1.6156 USD in the next 24 hours, a move written on the cards.
While Cardano threatens to spoil Tezos fans joy, the XTZUSD golden cross formation in early December signals a possible bull momentum that will keep the coin on the top 10 list for a foreseeable future.
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Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.