XTZ, the native cryptocurrency of the Tezos blockchain, is outperforming the rest of the market on Thursday after soaring to a four-week high of $2.23.
A minor correction has brought the asset’s price down to $2.15 by press time, which still represents an increase of more than 7.12% in value in the past 24 hours, according to data provided by CoinMarketCap.
XTZ is also up nearly 12% over the last seven days.
The latest price action follows today’s earlier news of stablecoin Tether announcing that USDT—the industry's largest stablecoin—is launching on the Tezos blockchain.
Similar to Ethereum, Tezos is a smart contracts platform enabling developers to create decentralized applications (dApps), with some most popular use cases including decentralized finance (DeFi) and the NFT sector.
The key difference is that instead of the energy-hungry proof-of-work mechanism, it relies on the “eco-friendly” proof-of-stake consensus algorithm.
The sea of calm
The rest of the market is trading mostly sideways at the moment.
Bitcoin (BTC), the industry’s largest cryptocurrency by market capitalization, is down just 0.4% over the past day, changing hands at $30,119.
Other major cryptocurrencies, including Ethereum, Binance Coin (BNB), Cardano (ADA), and Dogecoin (DOGE) are following the trend, with one notable exception among the top ten largest assets being Solana (SOL), which is up 4.16% in the past 24 hours.