Tezos market cap breaks $1.5 billion as price rises

Tezos (XTZ) has just gained 5.6% to reach $2.12—just shy of its highest value seen so far in April 2020. Tezos' bullish momentum briefly saw the cryptocurrency top $2.15 earlier today, before falling back slightly to its current value.

As a result of the pump, Tezos saw its market capitalization spike to over $1.5 billion, but this now sits at closer to $1.49 billion—still up $76 million in the last day.

This recent growth comes alongside mounting trade volume for Tezos, with the amount of XTZ trading hands on exchanges spiking considerably between April 16 and 17. Daily trade volume now sits at just north of $210 million—up from $167 million yesterday.

Tezos has now been in an uptrend for more than a month, in which time it has clawed back many of the losses seen on March 12, the day when the World Health Organization declared the coronavirus a global pandemic.

In total, Tezos has gained 83.8% from trough to peak between mid-March and today, climbing from a low of $1.17 up to a high of $2.15 in this time.

Overall, Tezos stands out as one of the best performing cryptocurrencies in the last month and has gained 49% against Tether (USDT), 14.3% against Bitcoin (BTC) and 3.6% against Ethereum (ETH) in this time.

Tezos' bullish price action comes at a time when most other cryptocurrencies are either stagnating or experiencing minor gains. Tezos is currently the best performing cryptocurrency in the top ten by market capitalization, easily eclipsing the minimal gains seen by Bitcoin, Ethereum and Binance Coin (BNB) today—despite Binance announcing plans for a radically new blockchain.