Altcoins had a pretty disappointing time in 2019, but since the turn of the year, it has been a different story, and one of the altcoins that could be watched closely at this point is Tezos (XTZ). Over the course of the past seven days, XTZ has enjoyed a sustained rally and has emerged as the highest gainer from among the top 20 tokens among cryptocurrencies by market cap.
In the last seven days, XTZ has gained as much as 32.5%, and over the past 24 hours, it has managed to gain 6.5%. These gains have firmly positioned the token as one to watch out for, and investors could do well to keep track of the price action.
Key Drivers
That being said, analysts have not yet been able to figure out the specific reasons behind the remarkable rise in Tezos in recent days. However, the current rally must come as a form of vindication for all those investors who held on to XTZ, even though it crashed considerably back in 2018. It hit its all-time high back in 2017, but when the crypto selloff commenced in 2018, XTZ suffered considerably and tanked by as much as 80% at the time.
The rally this week is not the only thing that is newsworthy with regards to XTZ. This past Thursday, it emerged that Binance was going to make XTZ futures available on its exchange. XTZ’s future went live on the exchange at 8 in the morning on Thursday, and it marks another important chapter in the continued growth of the cryptocurrency.
>> Bakkt to Acquire Loyalty Program Provider Bridge2 Solutions
In this regard, it is important to keep in mind that Binance is the world’s biggest crypto exchange, and the launch of XTZ futures on the platform could have a highly positive effect on the token. The current developments have made Tezos one of those altcoins that could be hard to ignore.
Featured image: DepositPhotos © Piter2121
