Tezos (XTZ) Leads Crypto Market Higher Following News of Coinbase Pro Listing
Tezos (XTZ) climbed the crypto market rankings Wednesday, surging more than 20% on news that Coinbase Pro will soon enable trading of the multi-purpose token.
XTZ Price Update
After a week of mostly lateral moves, Tezos’ XTZ token surged on Wednesday, climbing as much as 26.5%, according to CoinMarketCap. The cryptocurrency peaked at $1.29, its highest in over three weeks.
At the time of writing, the XTZ price was up 19.8% at $1.24. Reported trade volumes were $18.2 million, with most of the activity spread out across Gate.io, BitMax, Kraken and Huobi Global.
At current values, Tezos has a total market capitalization of $818.5 million, where it ranks 18th among active projects. It ranked as high as 16th before pulling back slightly.
Tezos has rallied some 169% year-t0-date, but is trading well off its peak of $1.83. Despite the pullback, Tezos is one of the best-performing cryptocurrencies of 2019.
The multi-purpose platform rose to prominence on the anticipated suge of tokenization and security offerings on the blockchain. XTZ was developed to become the “last cryptocurrency” through a self-amending mechanism that avoids fragmentation via hard forks and chain splits.
Tezos was the top-performing cryptocurrency in the top 30. Combined with strong performances from bitcoin and some of the leading altcoins, the total value of crypto holdings increased by $8 billion to $276.6 billion.
Coinbase Pro to Enable Tezos Trades
XTZ’s sudden surge came on the heels of an announcement that the token will soon be tradeable on Coinbase Pro, one of the largest platforms for professional traders.
The San Francisco-based exchange announced Tuesday that inbound transfers of XTZ will commence on August 5. Deposits will be accepted for at least 12 hours before full trading is enabled.
From the official blog post:
“Once sufficient supply of XTZ is established on the platform, trading on the XTZ/USD, and XTZ/BTC order books will start in phases, beginning with post-only mode and proceeding to full trading should our metrics for a healthy market be met. Support for XTZ will be immediately available in Coinbase’s supported jurisdictions, with the exception of New York State.”
This isn’t the first time Coinbase was responsible for pumping Tezos. Earlier this year, the exchange announced it will allow institutional traders to participate in the blockchain’s staking mechanism. Through a process called “baking,” Coinbase Custody users have had the opportunity to earn XTZ rewards since the spring.
The opportunity to earn XTZ rewards was limited to users with at least 10,000 units of the digital currency. As one would expect, the announcement created more incentive to buy and hold Tezos at a time when the bull market was just heating up.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock. Chart via CoinMarketCap.