Tezos Price Surges Over 64% in 24 Hours, Reaching New Highs

Reasons Behind Tezos’ Price Surge

Tezos experienced a remarkable price increase of over 64% within just 24 hours, hitting highs of $1.40, marking its highest level since early April. This surge comes following the announcement of support for Tezos staking by validator platform Everstake.

Factors Driving Tezos’ Growth

The recent ‘state of Tezos for Q3 2024’ report by Messari showcased significant growth in various metrics, such as transactions, decentralized applications, upgrade proposals, and active validator count. Projects like Rarible, Sugarverse, and BattleRise have contributed to the network’s expansion. Moreover, the launch of Fantasy United by Tezos partner Manchester United has further bolstered blockchain activity.

Market Outlook and Future Potential

Tezos emerged as the leading gainer among the top 100 cryptocurrencies by market capitalization on November 18, with a substantial spike in daily volume and market capitalization. The platform’s market cap surpassed $1.16 billion, positioning it at the 92nd spot in the cryptocurrency market. The next key levels to watch for Tezos include the year-to-date highs at $1.56 and the resistance-turned-support level at $2.00.