Tezos price smashes past $2, gaining 17% in static market

The price of Tezos (XTZ) has shot up by nearly 17% in the last 24-hours. The cryptocurrency is now worth $2.07, having broken the psychological $2 barrier. The coin is now up 35% for the week and 475% over the last year.

As a result, the coin has continued to rise in the crypto rankings. While Tezos was ranked the 15th largest cryptocurrency by market cap on January 16, it now sits in 11th place. It has a current market cap of $1.4 billion.

The cryptocurrency has also performed well against Bitcoin (BTC) in the same timeframe. It is up 19% against Bitcoin in the last 24-hours and has nearly doubled against Bitcoin in the last year, rising from 0.00010 BTC to 0.00018 BTC.

Tezos is a proof-of-stake cryptocurrency that offers staking rewards for those who hold large amounts of the coin and help to run the network. Proof-of-stake coins have been performing well in the market recently, rising on average by 49% against Bitcoin in the last few months.

However, other proof-of-stake coins aren't seeing the same kind of price movement today. Cosmos (ATOM) is down 1.5% and NEO, 3.5%. On the other hand, VeChain (VET) is up 4.3%.