- According to the data from Messari, Tezos (XTZ), a prominent digital coin in April bounced to 83%.
- Highlighting Tezos’s percentage in comparison with BTC, it was twice as that of bitcoin (BTC) with a 37 percent gain. ETH surged to 62% whereas Ripple’s XRP rose to just 30%.
- Despite having faced a period of volatility at the start of this year, Tezos managed to increase two-fold on a year by basis.
Tezos (XTZ), a cryptocurrency, and a decentralized platform feature proof of stake consensus. It lets its holders who stake tokens receive Tezos as a reward for block creation. According to the data from Messari, this prominent digital coin in April bounced to 83%. This is the greatest for any cryptocurrency owning a market value of a minimum of $1 billion.
Highlighting Tezos’s gain in comparison with BTC, it was twice as that of bitcoin (BTC) with a 37 percent gain. Bitcoin (BTC) is apparently the largest cryptocurrency in terms of market value. The king crypto had successfully revived its status as the world’s best-performing assets last month. It mainly benefitted from the central bank’s money injections of trillions of dollars that led to the increased interest of investors.
Bringing to attention the Ethereum’s and Ripple’s XRP gains, ETH surged to 62% whereas Ripple’s XRP rose to 30%. Ether, the second-largest crypto after bitcoin is planning for an upgrade to a staking model this July. Therefore, its transition to staking has been another driving factor of enthusiasm according to a few analysts.
The strong performance of Tezos due to increased investor interest in staking
Joseph Todaro, investment firm Blocktown Capital’s managing partner, reasoned out the strong performance of Tezos. He pointed out that it was due to increased investor interest in staking-based returns. Todaro further stated that any crypto assets’ price movement depends on its investing narratives.
Another reason is the fact that Tezos recently profited from the new listings on the exchanges like Bitfinex and Binance. Besides which it has been on another exchange Coinbase for a year.
Despite having faced a period of volatility at the start of this year, Tezos managed to increase two-fold on a year by basis.
However, the chances of Tezos being prone to huge losses must not be neglected. When given the fact that Tezos’ market value is 1/70 times lesser than bitcoin. Also, Tezos fell by 41% whereas bitcoin had fallen by 24%.