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Tezos ($XTZ), the sixth-largest Defi token by market cap hit a new all-time-high (ATH) of $9.18 as it extended its weekly gains over 35%. The Defi token has seen a 2X price surge since September end and the momentum has continued in October. The Defi token defied the market’s bearish trend towards the end of September and just liver several other Defi tokens, it made double-digit gains.
Another reason being attributed to the recent surge in Defi tokens is the recent crypto ban announced by the Chinese central bank. The new set of crypto crackdown guidelines are said to be strictest as it not only prohibited crypto mining and trading but also warned foreign crypto exchanges from offering any services in China as all crypto transactions are deemed illegal. Chinese insiders claimed that many crypto traders in the country are focusing on the Defi market in the wake of the ban. Thus leading to double-digit gains even when the rest of the market was consolidating.
Tezos price surge is being attributed to the recent network upgrade that made the network much faster and cut down the gas cost as well. Another bullish reason for the surge is growing staking on the network where nearly 78% of the total supply has been staked till now, thus the number of available tokens in the market continues to decline to add to the bullish factor.
Tezos ($XTZ) To Enter Price Discovery Mode?
After posting a new ATH above $9, there is not much price resistance ahead that could propel the Defi token to enter a price discovery mode quite similar to Play-to-Earn NFT Gaming platform Axie Infinity ($AXS) and Solana ($SOL) last month. Apart from price discovery, $XTZ is also on the verge of breaking out of a multi-year uptrend from the top which could aid its price rise further.
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