Cryptocurrency markets corrected Monday morning after hitting monthly highs over the weekend. Meanwhile, the price of Tezos (XTZ) is reaching a new high. XTZ continues the same upward trend seen at the end of 2019. Tezos users are entitled to a 5% reward from Coinbase.
February 10, 2020 | – after a weekend and significant success, cryptocurrencies began to correct themselves. The total cryptocurrency market capitalization hit a new annual record of $287 billion yesterday, the highest level since mid-August. For the first time this year, Tezos has risen to become the tenth largest cryptocurrency. Tezos dethroned Cardano (ADA) in the top ten. It also left Stellar (XLM) and Tron (TRX) in the wind.
The market is falling
Since then, $ 8 billion has been lost due to the fall of bitcoins below five digits, as expected. In the last two weeks, markets have been steadily developing, so a correction is needed. At the time of writing, bitcoins fell to $ 9, and further losses were expected. Analysts say the average of $ 819 is a buyback of digital assets.
Ethereum also fell below $ 221 after reaching its highest level in several months at $ 230 last weekend. XRP Ripple lost 3%, falling to $ 0,275 during Asian trading this morning. Most altcoins were in the red after a very optimistic weekend, during which many of them reached their highest level in several months.
Tezos is in the top 10
However, not all cryptocurrencies were retreating, and some were still working at the beginning of the new week. Tezos price returned to the top 10 charts of market capitalization with a 16% jump, reaching a new high of just over $ 2,74 today. Tezos (XTZ) was caught in a wild uptrend in the second half of 2019 and early 2020, with its rally. It began after Coinbase introduced its pool rate with a reward of more than 5% for platform users.
However, it seems that this prompted investors to buy XTZ. This created a lot of pressure from buyers, allowing cryptocurrencies to acquire increased fundamental strength thanks to a new group of investors who applied their tokens. This sign of confirmation of rates has been one of the most effective cryptocurrencies in the last 12 months. Its figure is 455,73% from last year at the same time. So far, in 2020, XTZ has achieved 100% growth, surpassing both Bitcoin and Ethereum.
Tezos Rises Higher
At the time of this writing, Tezos is trading more than 15,69% at its current price of $ 2,61. He notes a notable increase from a daily low of $ 2,48, which was recorded yesterday at the same time. In the short term, the XTZ met with strong resistance at $ 2,74, and its slight deviation at that level. Now he can enter the consolidation phase or move down before he finds enough strength to extend his momentum.
This level has historically been a strong resistance level for XTZ / BTC, as the crypto was rejected at 0,000260 BTC multiple times during 2019. This move allowed Tezos to take Cardano out of the top 10, its market capitalization reached $ 1,813 billion, according to Coinmarketcap.com.
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