In the last year, most cryptocurrencies have witnessed a strong recovery, with gains of well over 100% seen by most cryptocurrencies during this time. However, Tezos (XTZ) is the only large-cap cryptocurrency to achieve more than 1,000% growth during this time.
After reaching an all-time low of under $0.315 back in December 2018, Tezos began to reverse course slowly and recovered value throughout much of 2019, before exploding in value from November 2019 onwards. This growth saw Tezos leap its way up the cryptocurrency rankings, climbing from 22nd place in December 2018 up to 10th place as of today. Its market capitalization has now swelled to more than $2.5 billion.
For comparison, Bitcoin (BTC) and Ethereum (ETH) are each up over 200% since reaching their 2019 low, according to data from Messari Pro.
Tezos is also leading today's bullish price rally, which has seen the cryptocurrency gain almost 15% since yesterday to reach as $3.78, before cooling off back to its current value of $3.73.
The reasons behind this growth are clear. In the last six months, Tezos (XTZ) has been added to several prominent exchange platforms, including the likes of OKEx, Binance and Coinbase—massively boosting its accessibility and liquidity.
Likewise, as a proof-of-stake coin, Tezos holders are able to stake their XTZ to earn around a six percent yield. This feature was made far more accessible in the second half of 2019, as multiple cryptocurrency exchanges also added support for Tezos staking. This encourage people to buy and hold Tezos, increasing the demand for the coin.
Other proof-of-stake coins have similarly seen strong growth over the last few months. These include Cosmos (ATOM), VeChain (VET) and NEO. At the same time, altcoins have risen faster than Bitcoin, gradually eroding its market dominance.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.