Tezos [XTZ] broke above the $1.5 mark for the second time this year. The price of Tezos at 3: 00 hours UTC on 9th August 2019 is $1.52. It is trading 13% on a daily scale.
The rise can be attributed to the Coinbase listing of Tezos. The past couple of week Tezos [XTZ] has seen increasing support from Exchanges, mainly Coinbase. Earlier Coinbase Pro, the institutional arm of Coinbase added support for Tezos, which also caused a huge rise.
Moreover, just when it was looking to correct from the rise, it got listed on Coinbase.com – the retail arm of Coinbase. Before the announcement, it was trading around $1.35; it surged by over 18% to touch a high of $1.59.
Currently, most altcoins are under selling pressure. However, Tezos has been the best performing cryptocurrency with a 50% gain since the past couple of weeks. The buying volume of Tezos has also been considerable since the beginning this month.
Furthermore, the risk involved is also reduced because of the staking rewards from the Proof of Stake (PoS) token. Staking can yield up to 4-7% returns annually. Nevertheless, it is required to hold 10,000 XTZ to begin staking.
Historically, Coinbase listing always has had a positive effect on the price of a cryptocurrency. Recently, it announced that it was exploring eight more cryptocurrency tokens. In the press release for the announcement of Tezos listing as well, the Exchange reiterated that it would continue to accelerate the addition of new cryptocurrencies.
Which cryptocurrency do you think will be listed next on Coinbase? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com