Crypto Market Update: Bitcoin (BTC), Ethereum (ETH) See Mild Green While Tezos (XTZ) Storms into Top 10

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Sun, 12/08/2019 - 17:19
Alex Dovbnya
With Bitcoin (BTC) and Ethereum (ETH) barely making any price moves, it would be another boring day for the cryptocurrency market if it wasn't for Tezos (XTZ)
Cover image via U.Today
Contents

On Dec. 8, the cryptocurrency market remains uneventful. Most of the top coins see haven't recorded any significant price moves, including Bitcoin (BTC).   

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Bitcoin holds a key level        

BTC, the number one digital currency, continues to trade sideways. At the time of writing, it is sitting at $7,524, CoinStats data shows. 

Earlier today, crypto trader Cantering Clark opined that it was important for the bulls to hold the current level in order not to form a lower high and retest the break of the bearish head-and-shoulders formation.

image by @CanteringClark

Ethereum fails to rally 

With a modest 1.43 percent uptick, Ethereum's price performance is particularly underwhelming. The leading altcoin didn't budge even after the long-awaited Istanbul upgrade finally went live. ETH is currently trading at $150.19. 

It might have something do with the fact that one fails to keep count of the network's recent hard forks. Bitcoin Core developer Peter Todd recently threw some major shade at Ether, claiming that a "genuinely decentralized network" cannot have three hard forks in a single year. 

However, the second biggest coin might finally attract new buyers with the advent of Ethereum 2.0. The launch of the beacon chain is expected to happen in early 2020.  

Tezos makes it to the top 10

Meanwhile, Tezos (XTZ) once again becomes an outlier in the crypto market by recording a double-digit price increase. The token behind the first self-amending blockchain has been on a roll ever since Coinbase enabled Tezos staking on its retail platform.

XTZ has surpassed Cardano (ADA), Stellar (XLM), and Tron (TRX) -- the three coins are trading flat at press time. 

image by coinstats.app 

 After its recent rallies, XTZ has once again managed to outperform Bitcoin in terms of percentage gains since its ICO.   

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.


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