Tezos price ($XTZ), the sixth largest DeFi token by market cap, hit an all-time high of $9.18 (ATH) while pushing weekly gains by over 35%. The popular DeFi token has seen a price increase of 2x since the end of September and it looks like the momentum will continue into October.
Increasing its weekly earnings by more than 35%, Tezos broke its own record by reaching the level of $ 9.18. The DeFi token defied the market’s downtrend towards the end of September and kept several other DeFi tokens alive, posting double-digit gains. Another reason attributed to the recent surge in DeFi tokens was the recent crypto ban announced by the People’s Bank of China.
The latest crypto-blocking guidelines from China not only ban crypto mining and trading, but also consider all crypto transactions illegal and warn foreign crypto exchanges not to offer any services in China, the country’s biggest hit ever in the crypto space. indicates that it is one of the hard locks. The Chinese claimed that many crypto investors in the country are focusing on the DeFi market after the cryptocurrency ban announcements. Thus, it led to double-digit gains even as the rest of the market consolidated.
The Tezos price increase is attributed to the recent network upgrade, which makes the network much faster and also reduces the cost of gas. Another bullish reason for the increase is the increase in staking on the network, where around 78% of the total supply has been staked so far. Therefore, the number of tokens available in the market continues to decrease to add to the bearish factor.
After DeFi token Tezos’ record above $9, there isn’t much price resistance that could push it into a fairly similar price discovery mode with Play-to-Earn NFT Gaming platform Axie Infinity ($AXS) and Solana ($SOL). Along with price discovery, $XTZ may be on the verge of breaking a multi-year uptrend that could help its price move higher.
Tezos is an open source platform for self-evolving assets and applications. Stakeholders manage upgrades to the core protocol, including upgrades to the change process itself. It features self-change, on-chain management, decentralized innovation, PoS (proof of stake), smart contracts, and formal verification. Tezos aims to create a self-governing decentralized blockchain by building a truly digital society. The Tezos community donates to the development it deems necessary with the Tezos (XTZ) token, and the project of the software developer with the highest donation is brought to life. Thus, software developments are made in the direction that the society wants, and software developers receive an award for this work.
*Does not include investment advice.