The cryptocurrency market is in recovery mode today, but at least one coin in the top 50 by market cap isn’t faring any better: Tezos (XTZ).
Tezos, the tenth-largest cryptocurrency by market cap, is down another 5% today, and currently trading for roughly $1.50 per token.
Meanwhile, leading cryptos such as Bitcoin, Ethereum, and Litecoin have each improved by between 1% and 3% over the last 24 hours. While that may not be much, it’s an improvement—and a sign that the crypto market has stopped the bleeding and is on the road to recovery.
Tezos, however, is not (and neither is XRP, for that matter, which is itself down around 2 percent and still trading below $0.20).
Recently, Tezos’s price experienced a rapid jump following news that the San Francisco-based Kraken crypto exchange had launched its Tezos staking rewards program last Wednesday. The service allows Kraken customers to earn up to 6 percent annual returns on their XTZ holdings. The price of Tezos spiked by a whopping 10 percent, and then another 13 percent the following day, hitting a high of $1.80 per token.
But the good fortune for Tezos hodlers was short-lived. The excitement eventually wore off and by Sunday, the price of Tezos was back down to around $1.68 per token—just before the price of Bitcoin crashed bringing it and every other coin down with it.
Since then, though, BTC is back to just under $7,000, up 2.3% on the day. But Tezos hasn’t benefited from the recovery, suggesting that the price pump that XTZ enjoyed following the excitement over new staking rewards may still need some correcting yet.