Tezos Witnesses 13 per cent growth amid crypto market decline

Tezos Witnesses 13 per cent growth amid crypto market decline

Amid slow momentum of the crypto market, Tezos (XTZ) witnessed significant gains in the last 24 hours. Notably, Tezos has been experiencing growth from last some time and as of August 20, it traded at $1.57 which estimated as a growth of 13 per cent. This growth enabled the token reach at number 16 on the CoinMarketCap token rating.

As per the Twitter announcement of South Korean exchange, Coinone, the exchange would list Tezos on August 20.

This post was followed by an official statement on the website of Coinone which confirmed the news and said that deposit and withdrawal services 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.

CoinMarketCap data shows a substantial Tezos uptick as the token shot up over 13 per cent 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 XTZ token 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 per cent for the day to $273.

The mini bull run comes at a good time for the XTZ token, 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.

XTZ 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.