Home / Archive / Tezos Price Rallies 13 Percent as Wider Cryptocurrency Market Slips

Tezos Price Rallies 13 Percent as Wider Cryptocurrency Market Slips

Last Updated March 4, 2021 3:56 PM
David Hundeyin
Last Updated March 4, 2021 3:56 PM

Tezos (XTZ) is experiencing a period of gains, defying the stalled momentum of the wider cryptocurrency market. As of August 20, the token traded at $1.57, up more than 13 percent in 24 hours, taking it up to number 16 on the CoinMarketCap token ranking.

Coinone Listing

Yesterday August 19, Coinone, a South Korean exchange, announced  on Twitter that it would list Tezos on Aug. 20.

A post on the official Coinone website then confirmed the news, stating that deposit and withdrawal services for Tezos would begin at 16:00 KST on August 20.

The news immediately led to a noticeable Tezos market spike as investors reacted favourably to the emergence of an XTZ/KRW trading pair.

tezos price cryptocurrency
Source: CoinMarketCap

CoinMarketCap  data shows a substantial Tezos uptick as the token shot up over 13 percent in just over 24 hours, reaching a 7-day high of $1.57 with a market capitalisation exceeding $956 million.

Coinone may not be a huge exchange in the manner of Coinbase or Binance, but the market has certainly taken the Tezos listing news well, making Tezos a rare oasis of strong positive movement in a sluggish crypto market.

Crypto Market Blues

Tezos is out on its own as a token with significant positive movement in the present crypto market. Bitcoin continues to struggle to breach the $6,500 mark and Ethereum has plunged nearly 10 percent for the day to $273.

The mini bull run comes at a good time for Tezos, which has recently mounted a series of strong recoveries from the setbacks and embarrassments that threatened to derail the project following its record-breaking $232 million ICO.

Tezos is the subject of an ongoing class-action lawsuit by disgruntled ICO investors, and the token continues to field criticism for what critics see as a disappointingly- low trading volume. This is due to its dependence on Gate.io for market liquidity, which is one of a small  number of lesser known exchanges listing XTZ.

It remains to be seen whether the Coinone listing will have any impact on Tezos’ trading volume, and, if so, to what extent, but in the meantime Tezos occupies the unlikely position of being the crypto industry’s growth outlier — at least for the time being.

Featured Image from Shutterstock