Tezos (XTZ) Price Shot Up 117% to $1.90 on Coinbase While Stopping Below $1.29 on Kraken & Bitfinex
The 18th largest cryptocurrency is having a blast while top ten cryptocurrencies are down between 2 to 7%.
At the time of writing, XTZ is enjoying a spike of 21% as it trades at $1.13, per Coincodex. The last time Tezos traded at this level was in September but the cryptocurrency is still down 89.9% from it's all-time high of $10.74.
Currently, XTZ is trading at $1.1844 on Coinbase, $1.1300 on Bitfinex, and $1.1266 on Kraken.
On Coinbase XTZ surged 117%, as it went from $0.8753 on November 6th to its highest point of $1.900. On other exchanges, this spike was much less.
On Kraken, the highest point the price recorded was $1.2522 while on Bitfinex the price climbed to $1.287.
At one point, the spread on XTZ between Coinbase and other exchange has been more than 20% and remained that way for an hour.
This spike in price, especially on Coinbase as Bitcoin Exchange Guide reported on Nov. 6th was because the leading cryptocurrency exchange of the US announced staking rewards on every Tezos (XTZ) held on the platform by its eligible US customers.
With Coinbase’s staking rewards program, an XTZ holder can earn an estimated annual return of approximately 5%. Once the initial digital asset holding period completes 25 to 45 days, the holder will receive the rewards in their account every 3 days.
The digital asset, XTZ here, will remain in the user’s wallet and one can opt-out of the program any time they want.
This is yet another way for customers to earn a reward on Coinbase by holding crypto. Before this, the exchange announced the Coinbase Earn Tezos campaign that allows the users to earn up to $6 in XTZ.