For the first time in crypto’s short, fraught history, Tezos (XTZ)—a cryptocurrency that occupies the number 10 spot on the crypto industry’s list of top 20 tokens—has surpassed EOS, number eight, in volume, price, and value locked in staking.
At the time of writing, Tezos is also trading for $2.75, while EOS is going for $2.73. XTZ’s trading volume yesterday surged to $95 million—a jump of more than 31 percent compared to the previous day. By contrast, EOS’s volume was $34 million, a spike of just over four percent.
The price surge marks Tezos’s highest price in well over a month. XTZ last traded for this amount on March 8 and 9, when it slid between $2.60 and $2.90.
Tezos also now boasts a considerably larger staking network than EOS. Messari lists the coin in third place behind Cosmos (ATOM) and Synthetix (SNX). The currency has an annual staking yield of nearly 7%. (Of course, annual price fluctuations are often far greater than 7%).
EOS, however, still boasts the larger market cap of the two. Its market cap is $2.5 billion, while XTZ’s is closer to $2 billion. Still, today’s news is a huge step forward for Tezos, considering last week Tezos’s cap was roughly $500 million less.
The good news surrounding Tezos follows reports that the cryptocurrency’s blockchain outranks Bitcoin, according to Weiss Crypto Ratings, a financial agency that rates cryptocurrencies.
The bad news is that the last two days were a wild ride for investors of most of the industry’s leading cryptocurrencies. Bitcoin—after a lengthy period of dithering between $6,700 and $7,000—spiked beyond $7,400 on April 23. Ethereum also rose to $190 for the first time in over a month, constituting a 24-hour gain of roughly $20.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.