Tezos (XTZ), currently the largest cryptocurrency to use the proof-of-stake (PoS) consensus mechanism, has gained a further 6% to reach $1.69—its highest value since May 2019. Tezos now occupies the position of the tenth largest cryptocurrency, with a market capitalization of $1.115 billion, knocking Stellar (XLM) out of its much coveted spot.
Tezos’s most recent price rally can be attributed to the fact that just two days ago, Kraken, a popular cryptocurrency exchange, added support for XTZ staking (locking up coins in return for daily rewards). Now, Kraken users storing their Tezos tokens on the exchange platform will be able to transfer their XTZ balance to a staking wallet, where they can stake their tokens and earn around 6% returns per year, with twice-weekly payouts.
In the last few months, Tezos has been one of just a handful of cryptocurrencies to be on a general uptrend. As a result, the cryptocurrency has gained almost 78% in the past three months, while most other cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH) and XRP have suffered from serious losses. This will have largely been because, in the last six months, Tezos has been added to a slurry of different exchanges, include the likes of Coinbase Pro, Binance and Crypto.com.
Likewise, Tezos has seen its daily trade volume multiply by a factor of 10 since July—a time period that has seen most other coins’s trading volumes stagnate. What’s next for the plucky coin?