· · ·

Tezos is coming to Coinbase Pro, XTZ surges 16.4%

Tezos is coming to Coinbase Pro, XTZ surges 16.4%

Coinbase announced that it will be listing Tezos on Coinbase Pro. Following the announcement, XTZ jumped 16.4 percent while the altcoin markets overall remained stable.

Tezos (XTZ) is a proof-of-work smart contract platform with built-in features for user governance. Using these governance features, Tezos is attempting to “democratize” protocol upgrades by incenting user participation.

On July 30, 17:00 UTC Coinbase announced that it is adding Tezos to Coinbase Pro, the exchange’s platform for active traders. An hour after the announcement the price shot up from $1.04 to $1.21, a 16.4 percent increase.

At its peak within the hour, the XTZ token wicked to $1.26, a 21.9 percent increase from the formerly stable trading range between $1.00 and $1.04. Meanwhile, the overall altcoin markets were unchanged, only decreasing 0.15 percent—suggesting that the price increase for XTZ was motivated by the news and not broader market movement.

Tezos / Tether price chart
XTZ/USDT on TradingView

Trading volume is also up substantially, increasing from a 7-day average of $5.6 million based on aggregate CoinMarketCap data to the 24-hour volume of $10.7 million—up 91.1 percent.

Tezos history

The Tezos platform launched with much fanfare, with its initial coin offering in July 2017 raising $232 million, one of the largest ICOs of all time.

Following the ICO a major dispute broke out between Tezos founder Johann Gevers and partners Arthur and Kathleen Breitman—the owners of Tezos’ intellectual property rights.

As a result, the launch of the Tezos platform was delayed indefinitely. Token holders were outraged and many sought legal remedies for reimbursement of their funds, with limited success. The network was launched Sep. 17, 2018.

Trading goes live for the token on Aug. 5, 2019, late standard pacific time.

Tezos | XTZ

Updated: Nov 7 at 1:06 pm UTC

Tezos, currently ranked #17 by market cap, is up 25.64% over the past 24 hours. XTZ has a market cap of $779.61M with a 24 hour volume of $71.46M.

Chart by CryptoCompare

Tezos is up 25.64% over the past 24 hours.

Posted In: , , , Crypto Exchanges, Price Watch
Invest with AMFEIX

Like what you see? Get more Tezos news in your inbox

Subscribe to CryptoSlate, our daily newsletter containing the top stories and analysis.

Sign up to stay informed
Mitchell Moos

Mitchell Moos

Contributing Analyst @ CryptoSlate

Mitchell is a software enthusiast and entrepreneur. His first startup built algorithms for optimizing cryptocurrency mining. Prior to CryptoSlate, Mitchell was a project manager at a firm that built distributed software on Hyperledger. In his spare time he loves playing chess and hiking.

View author profile

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.