Tezos (XTZ) price spikes 64% to hit 8-month high

The price of Tezos’ native token jumped more than 64% in 24 hours to hit highs of $1.40 – the altcoin’s highest level since early April.

Market data tracked by crypto.news shows Tezos (XTZ) rose from lows of $0.78 in early trading on Nov. 18, reaching $1.40 on major cryptocurrency exchanges. This sharp spike in the price of the native token for this self-upgradable proof-of-stake blockchain network surpassed gains for Hedera. (HBAR).

Hedera ranked as the second-biggest gainer among the top 100, with over 45% upside in the past 24 hours.

Why is Tezos price up today?

Tezos rose after validator platform Everstake announced support for tez staking.

Recently, Messari released the ‘state of Tezos for Q3 2024’ report, highlighting growth in metrics such as transactions, decentralized applications, upgrade proposals, and the active validator count.

Activity from projects like Rarible and game platforms Sugarverse and BattleRise signaled network growth. Additionally, Tezos partner Manchester United launched Fantasy United, further boosting activity on the blockchain.

The overall upward movement for most cryptocurrencies coincided with broader market positivity amid bull market sentiment. Bitcoin (BTC) has rallied to a new all-time high above $90,000, contributing to the optimistic outlook.

What next for Tezos?

On Nov. 18, Tezos topped the list of leading 24-hour gainers among the top 100 by market capitalization. The open-source platform for assets and decentralized applications traded higher with a 520% spike in daily volume, exceeding $388 million at the time of writing.

Tezos’ market capitalization also increased by 44% to over $1.16 billion, pushing it into the 92nd spot among the world’s largest cryptocurrencies by market cap. These metrics suggest a strong base for continued upside if bulls can flip the psychological $1 level from a resistance zone into robust support.

Key areas to watch on the upside include year-to-date highs around $1.56 and the horizontal resistance turned supply zone at $2.00.