Tezos [XTZ] has been one of the best performing coins from the past couple of days. It has gained above 40% in a span of three days.
The rise can be attributed to two major Exchanges extending support for Tezos [XTZ]. Coinbase Pro and Huobi Wallets both have not only added it but also enabled staking on it. Staking or Forging in cryptocurrencies is the equivalent of mining in the system.
On 30 July, Coinbase Pro announced the support following which the price increased from $1 to $1.25 with a huge surge in volume. More recently, Huobi Wallets made the announcements for supporting XTZ yesterday and its price gained another 12% on a 12-hour scale.
The price of Tezos [XTZ] at 4: 30 hours UTC on 2nd August 2019 is $1.40. It is trading 9.42% higher on a daily scale.
In April this year, Coinbase Custody, the institutional arm of Coinbase added support for Tezos. It provided staking rewards along with secure custody of the cryptocurrency. This had a hugely positive effect on the price.
Nevertheless, the price broke bearish again as most altcoins took major losses in the past two months. The developments around the cryptocurrency seem to have begun again.
Furthermore, this the first when Coinbase will begin trading of Tezos on the platform. Until now, it had only been used in custody. The press release noted,
On Monday August 5, 2019, we will begin accepting inbound transfers of XTZ to Coinbase Pro. We will accept deposits for at least 12 hours prior to enabling full trading.
Huobi Wallet made the announcement yesterday that it will “be a Tezos Baker soon.” Baking is the term for staking used by the Tezos community. Huobi Wallet said that Tezos is “leading the way in POS & governance,” and it’s a “no brainer to add XTZ.”
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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