Tezos (XTZ) Trying to Hold on to the ATH Gains as Crypto Market Runs Red
- Today, crypto streets are running red with losses
The cryptocurrency market had a bullish start of the week when bitcoin breached the $12,000 level again. But the most significant crypto-asset couldn't stay above this level and went back down.
Now, today long term yields on government bonds jumped higher as investors prepared for the first of three key bond auctions this week, which are also $10 billion larger. This is propelling the S&P 500 to nearly at ATH and pushing both gold and bitcoin down.
But more than 4% of losses recorded by Bitcoin have translated into a more significant percentage of correction in altcoins.
Among the top cryptos, the biggest losers are BSV (6.80%), Bitcoin Cash (6.33%), EOS (6.31%), and Litecoin (6%).
New Highs for XTZ
One coin is still hanging on to its gains, which is Tezos. The 12th largest cryptocurrency by market cap of $2.9 billion started uptrending just before this past weekend.
The digital asset has nearly 80% of its circulating supply locked for staking, which puts upward pressure on the price.
XTZ hit a new all-time high today at $4.43, 12.8% higher than the previous ATH. Currently, XTZ is trading just under $4, still in the green by over 2% with 1-hour return fluctuating between red and green.
Tezos’s gains and new ATH came just a day after LINK’s new highs on Monday. Many traders have been expecting XTZ to follow in LINK’s footsteps and continue to hit new highs.
But for now, the digital asset may take a breather if bitcoin continues to fall instead of trading sideways. Tezos can also have a healthy pullback here before moving higher, once BTC turns green.
A BTD Opportunity
In the broad crypto market, about a hundred of small-cap altcoins are still in the green, with Spective (74%) being the biggest gainer and IOTA (3.02) and Verge (3.36%) in green as well.
BitNewChain meanwhile is the biggest loser, down 58%. Other notable losers include Balancer (21%), HOT (19%), Ampleforth (14.70%), BAND (14.42%), Kava (13.83%), COMP (12.56%), Kyber (11.78%), RUNE (11.36%), Terra (11.15%), BTT (9%), VeChain (8%), BAT (7.39%), BNB (5.86%), and Cardano (4.86%).
However, these losses could be taken as an opportunity to buy the dip that many investors have been eagerly waiting for, ever since bitcoin gained momentum two weeks back and that altcoins, especially DeFi coins, have been enjoying for even a more extended period.