Crypto markets are correcting this Monday morning following monthly highs over the weekend. Not all are seeing red though as Tezos taps a new all-time high.
Crypto Markets Correct
Following a weekend of solid gains on the back of an equally strong week, crypto markets have started to correct. Total crypto market capitalization tapped a new yearly high of $287 billion on Sunday which is the highest it has been since mid-August.
Since then $8 billion was dropped in a pullback as bitcoin fell below five figures as expected. Markets have been gaining steadily for the past two weeks so a correction has been overdue.
Bitcoin had dipped to $9,940 at the time of writing and further losses were expected. Analysts have eyed the mid-$9k level as a buyback zone for the digital asset.
Ethereum had also dropped back below $225 from its multi-month high of $230 over the weekend and Ripple’s XRP had lost 3% sliding back to $0.275 during Asian trading this morning.
The majority of the altcoins were in the red as they cooled off from a very bullish weekend which saw many of them hit their highest prices for several months.
Tezos Surges Higher
Not all crypto assets were in retreat however and some were still surging as the new week commences.
Tezos has reclaimed a top ten position in the market cap charts with a pump of 16% to reach a new all-time high of just over $2.70 a couple of hours ago.
This proof of stake token has been one of the best performing crypto currencies over the past 12 months making almost 600% since this time last year. So far in 2020 XTZ has made a gain of 100%, outperforming both bitcoin and Ethereum.
A big plug from Weiss Crypto Ratings calling it ‘the most decentralized PoS crypto on the planet’ has added to the momentum, which was already bullish on its own.
#Tezos stands alone as the most decentralized #POS crypto on the planet by far. It is one of the key factors why #XTZ has become so successful as a smart contract platform in less than two years of operation.
— Weiss Crypto Ratings (@WeissCrypto) February 8, 2020
The move has enabled Tezos to flip Cardano out of the top ten as its market cap tops $1.8 billion according to Coinmarketcap.com.
Exchange Tokens Cranking
Tezos is not the only altcoin still making gains today as Binance Coin has also added 6% to reach $25. Competing exchange token Huobi Token, also one of last year’s top performers, is also on a tear with a 7% pump to $4.25.
Exchange tokens are on a roll today with OKEx’s OKB token pumping over 26% at the time of writing. Something called KickToken (KICK) is surging up the coin cap charts adding 50% on the day and Lisk (LSK) appears to be making a comeback with a 30% pump.
Will altcoins continue to surge after their pullback? Add your comments below.
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