Tezos (XTZ) spikes 33% in seven days: Supported by French Finance Minister positive remarks

Tezos has been the best performing altcoin in April 2019. Both the trading volume of the digital asset and the market up continue to surge amid widespread cryptocurrency consolidation. Tezos market cap is currently aiming for the $1 billion mark, although currently, it stands at $907 million. The trading volume hit highs of $11 million yesterday but has corrected to $10 million at press time.

The data on CoinMarketCap also shows that the crypto has increased in value by 2.74% in the last 24 hours. Moreover, over the last seven days, it has seen a 33% growth. Tezos, currently the 15^th largest cryptocurrency does not seem to be slowing down anytime soon.

The surge in the last week is mainly supported by positive sentiments from traders following the remarks by the French Finance Minister, Bruno Le Maire during the Paris Blockchain Week Summit. According to Maire:

“The development of the blockchain ecosystem is a priority for the government: it is a potential technology that can contribute to the modernization of our businesses and our economy.”

The Finance Minister continued:

“France has some nuggets on the entire value chain of new services to companies, hardware and protocols. I am thinking in particular of Tezos and which allows the development of a blockchain protocol overcoming the known defects of public blockchains.”

Tezos price update

XTZ/USD is trading within an ascending channel. The price has been forming higher highs and higher lows mainly supported by the above news in the wake of the listing on Coinbase. Tezos is above both the 50 SMA 1-hour and the 100 SMA 1-hour; both which are still playing catch following the surge. The technical levels remain strongly positive in spite of the correction from the highs around $1.4306.