Key Takeaways:
- Microstrategy has invested yet another $4.6 billion into BTC, which is going to significantly impact the coin’s demand and price in the market.
- The Tezos token (XTZ) has surged above 31% in the last 24 hours following the Everstake platform voicing their support for the coin.
- The XTZ market sentiment remains “bullish” with the Fear & Greed Index indicating “Extreme Greed”.
Tezos token, the native cryptocurrency of the Tezos blockchain platform has surged more than 30% in the last 24 hours. The Tezos is a decentralized, open-source platform that’s designed for creating and hosting other dApps and assets. The news doesn’t end there, Michael Saylor has announced yet another BTC acquisition that’s worth $4.6 billion. In this article, we will look into the Tezos token’s surge in the market, the various factors that influenced this growth, and also about the investment of $4.6 billion.
Tezos Coin Current Market Standing
The Tezos token is currently ranked #76 in the market with a total market capitalization of 1.10 billion. The coin was performing moderately well in the market with the US Presidential Election and Trump’s victory. However, this performance changed when the coin’s value suddenly spiked yesterday, 18th October. Before the beginning of this surge, the coin was trading at a value of $0.853. Now, the coin is trading at $1.09 with an uptrend of 31.57% in the last 24 hours.
We will discuss the reasons behind this sudden surge in the coming sections. In the last 7 days, the coin has registered a growth rate of 47.90%. The coin’s current trading volume is standing at $753.04, which registers a huge growth of 1286.47% in the last 24 hours. If the market trends continue to favor the coin in the coming days, then we will the coin rising higher in the market in the coming days.
Factors Influencing The Tezos Coin Surge
Tezos is one of the major altcoins that have risen recently in the market following the altcoin season. However, the coin’s rise is not entirely dependent on this factor. It was mainly due to an announcement made by the Everstake platform. Everstake is a staking service provider that allows users to stake their cryptocurrencies across various blockchain networks.
In the announcement made, the staking platform has announced its support for the Tezos token. As per the announcement, the holders of the Tezos token (XTZ) can stake their coins through the Everstake platform. This not only allows the holders to earn 2x more than delegation but also improves the liquidity of the coin.
Is It a Good Time To Invest in the Tezos Token?
The overall community sentiment of the XTZ Token is indicating a “Bullish” trend. As per the opinions of various experts in the market, the coin is expected to rise by 5.03% and reach $1.227209 by the beginning of the second half of December. The coin has recorded 16/30 days to be trading in green with a price volatility of 10.28% in the last 30 days.
The Fear & Greed Index of the coin shows a value of 83%, which indicates “Extreme Greed”. Based on this forecast, it is an ideal time to invest in the coin. However, you should keep in mind the volatility factor of the market and conduct your own research before proceeding with the investment.
Michael Saylor Announces Yet Another BTC Acquisition
Apart from the sudden Tezos surge, there is another major news that has been a sensation in the crypto market. The highly famed MicroStrategy is gearing up for yet another Bitcoin purchase. The enterprise has amassed a total of 51,780 BTC between the 11th and 17th of this month following the 27K BTC purchase on November 10.
The former purchase was made public on the US Securities and Exchange Commission filing that took place on Monday. The purchase was made for a huge total of $4.6 billion. With this purchase, MicroStrategy has amassed a total of $6.03 billion worth of Bitcoin since Trump’s reelection.
This marks a significant point in their $42 billion Bitcoin acquisition plan. As per Phong le, President and Chief Executive Officer of MicroStrategy, the plan is expected to span over 3 years. Based on this information, the firm is expected to acquire $1.2 billion worth of BTC every month for the next 36 months to reach its target. This is likely going to have a huge impact on the BTC supply and demand in the market.