Tezos has been showing no signs of slowing down since late October. In these less than two months, XTZ jumped a whopping 144%, going from $0.75 to $1.83, today’s highest point. Tezos is just inches away from making a new 2019 high.
worldwide google trends for $XTZ pic.twitter.com/BIPkrfYjtn
— Josh Olszewicz (@CarpeNoctom) December 13, 2019
Stake it All!
This jump in XTZ price coincides with the top cryptocurrency exchanges introducing XTZ staking.
It all started with US-based Coinbase introducing staking rewards on Tezos in early November. The exchange first opened this service to only US customers but then was extended to its global customers.
The leading US exchange offers an estimated annual return of about 5% and charges 25% of all XTZ staking rewards made through Coinbase. But it isn’t the highest fees, Gate.io charges a whopping 33% for its Tezos staking service.
Then, earlier this month, the world's leading cryptocurrency exchange also jumped into XTZ baking. To attract new customers, Binance took an unprecedented step and offered zero-fee Tezos staking with an estimated annual yield of 6 to 7%.
Then, yesterday as we reported Kraken also threw its hat into the ring and started offering Tezos baking at a fixed rate of 6% with no waiting or lockup period.
As such, it is not surprising that 71.19% of the current circulating supply is currently locked with exchanges for staking, as per Messari. With this shrinking supply of XTZ available on the market, the price of Tezos is soaring.
Bake it to Make it!
This jump in price has Tezos making its way into the top 10 cryptocurrencies, up from its 21st place in early November. The cryptocurrency beats Tron (TRX), Cardano (ADA), Stellar Lumens (XLM), Monero (XMR), ChainLink (LINK), and IOTA (MIOTA) to make the jump.
Also, the 10th largest cryptocurrency has surpassed the $1 billion mark in market capitalization and currently stands at $1.12 billion.
However, now this upward trajectory is pushing the traders into shorting it. Some think it may just turn out to be the next Matic that crashed 72% after surging 190% in just about a fortnight.
Last chance to get TF out of Tezos.
Really don't understand how everyone is so bullish pic.twitter.com/12upBKRJsC
— Altcoin Psycho (@AltcoinPsycho) December 12, 2019
As such, the XTZ shorts on Bitfinex has climbed to its all-time high.
$XTZ shorts at ATH on @bitfinex lmao pic.twitter.com/l7K1NubMnr
— Josh Olszewicz (@CarpeNoctom) December 13, 2019
Now, it’s to be seen if these shorts are right or they will get squeezed, resulting in Tezos to fly.
