Tezos has undoubtedly been the ‘crypto-darling’ of 2020, outperforming the majority of its brethren. Google searches for this proof-of-stake-focused altcoin are also climbing, indicating that interest is growing in alternative cryptoassets.
Tezos tapped an all-time high over the weekend of just over $3.60. It was one of the top-performing altcoins in 2019, while most others ended the year lower than they started.
XTZ began the year at $1.35 and has made a 123% gain to its current prices which have corrected back to $3.01. The move has boosted its market cap to $2.1 billion which has enabled Tezos to knock Cardano out of the top ten.
Tezos Google Searches Up
General interest in this altcoin has also been increasing if Google search trends are anything to go by. Cryptocurrency traders and observers have been noting the rise in searches for Tezos which have spiked recently:
Searching #Tezos on google trends will get you this….could it mean something? Maybe time to stock up on some $XTZ? pic.twitter.com/ag174CkUBv
— CRYⱣTO OWΞN WIŁSON (@CryptoOwenW) February 16, 2020
Searches hit a peak last week amid a marketwide altcoin surge. The worldwide chart is similar to the one shown in the tweet, indicating that interest is global and not only limited to U.S. searches. The global chart also reveals that most interest is coming from Slovenia, Switzerland, and China, while ‘Tezos Staking Calculator’ was also a popular search phrase.
Stake and Bake
Tezos has greater appeal due to its ‘baking’ protocol which allows even small-time holders to earn by joining staking pools. Rewards for other proof-of-stake tokens are largely limited to whales with huge holdings.
Cryptocurrency mining is now quite difficult for singular individuals, so new ways of earning are being sought — and Tezos ticks the boxes.
Exchanges are also jumping on the staking reward bandwagon with Binance recently offering discounts on trading fees for XTZ futures contracts.
After such an epic surge this month XTZ prices are likely to cool off a little before the upswing continues.
Investors are always looking for the next new hot trend in cryptocurrency, In 2017 it was Ethereum, in 2018 it was EOS, and last year Tezos came onto the scene in a big way. The momentum is likely to continue for XTZ in 2020.