Tezos (XTZ) surged 15% over the past 24 hours amidst a general cryptocurrency market recovery and its recent listing on Kraken. The cryptocurrency has been one of worst affected by the market crash, falling over 90% since its one year high it reached in December.
Despite being one of the worst major altcoins affected by the bear market, Tezos holders saw some major gains on Tuesday morning, following the announcement and listing of the cryptocurrency on Kraken.
Kraken first announced that they would be listing XTZ on October 15, with trading first opening the following day on October 16. XTZ trading first began at 8:00 a.m. PST, at which time the cryptocurrency saw a small volume bump, leading the price from its daily low of $1.26 to a daily high of $1.47. The price has since settled at $1.44.
The cryptocurrency will be listed with multiple fiat trading pairs, including USD, EUR, and CAD.
Kraken’s listing announcement, which was released on the exchange’s website, explained the main features of Tezos that led to it being listed, saying:
“Tezos has three key features. (1) “Liquid Proof-of-Stake” consensus – there is a relatively low barrier to consensus participation and delegation is not required. (2) Smart contract verification – Tezos invented the Michelson programming language that allows formal proofs of contract properties for better contract security. (3) On-chain governance – all aspects of governance are contained in the platform: voting on proposed protocol upgrades, paying developers and implementing the upgrades.”
Big Gains for Tezos ICO Investors
Tezos originally gained funding through an initial coin offering (ICO) in July of 2017. At that time, the project raised $232 million, and sold XTZ to investors for $0.382 per token. Original investors in Tezos have still seen gains of approximately 270% since the launch, despite the persisting bear market.
Over the past few months, however, XTZ has had a rough time, declining from over $2.40 in July to its year-to-date low of $1.14 in early September. Since then, the crypto has seen choppy price action, and the latest pump is the only apparent sign of a potential reversal.
Tezos Gains Come Amidst General Market Recovery
Tezos’ price rise was also supported by the fact that the cryptocurrency market had seen a general recovery over the past couple of days, with Bitcoin’s price rising from weekly lows of just over $6,200 to highs of nearly $7,000, before stabilizing at its current price of $6,570.
BTC’s recent price action was the first the cryptocurrency had seen in a while, breaking through its previously established trading range between $6,400 and $6,800. Although the cryptocurrency broke through this range on both sides, it has since fallen back into the previously established trading range.
Bitcoin’s recent price action led altcoins to post some decent gains, with XRP trading up 23% from its weekly lows and ETH trading up 12% from its weekly lows of $188 at its current price of $210.
Featured image to Shutterstock.