So far, Bitcoin(BTC)trade has managed to stay ahead of all other cryptocurrencies, leaving them behind in terms of market capitalization. But while Bitcoin is still far ahead with its colossal market gap, there are other smaller cryptocurrencies that are gaining a strong momentum; one of them is Tezos (XTZ)
Bitcoin has always been the most dominated player in the crypto sphere and recovered steadily after its plunge in 2018. The Bitcoin price has increased by 200% since the beginning of the year as a part of a recovery after the blood bath of the crypto market last year. However, Bitcoin isn’t the only cryptocurrency witnessed such an extreme growth in 2019. Another cryptocurrency named Tezos (XTZ) has risen significantly, gaining more than 200% since the beginning of the year and securing the hefty market capitalization of $1.5 billion.
According to CoinMarketCap data, Tezos ranks as the 16th largest cryptocurrency in the market. In the last couple of weeks alone, Tezos gained more than 40% for several reasons. First, the UK trading platform eToro has added support for trading XTZ; and second, the cryptocurrency has started trading in one of the most popular crypto exchanges worldwide, Coinbase.
Yoni Assia, eToro co-founder and CEO, stated:
“As we see financial institutions move more into the world of crypto, it is important that ordinary investors can take advantage of these technological developments, which is why we’re excited to be adding coins like tezos to eToro.”
Apart from these reasons, there are consistent support and continuous development of the digital coin from the Tezos community. Tezos blockchain has been going through continuous development which made it quite advance and a strong technological competitor in the cryptocurrency market.
Being up to date with the latest trends and advancements with its blockchain has won a number of the hearts of several important business ventures; this resulted in high profile partnerships with Tezos in terms deploying smart contracts for other businesses and issuing security tokens on the Tezos blockchain. For instance, one of the largest Brazilian investment banks, BTG Pactual, decided to hold its security token offering on the Tezos blockchain. Another private investment platform, Dalma Capital, is in discussions with Tezos to tokenize several asset classes of the firm.
Attracts Conflicts and Crypto Fans
in 2017, Tezos has witnessed an incredibly successful initial coin offering (ICO) in which it raised a record-smashing $232 million worth of Bitcoin(BTC)trade and Ethereum (ETH)trade. However, it still faced a number of issues while raising the funds. For instance, the clash between the founders of Tezos, Arthur and Kathleen Breitman, and the president of a company from Switzerland who assisted Tezos during its ICO Johann Gevers.
Yet, Tezos continues to obtain more respect in the cryptocurrency industry, and hence additional collaborations and more investments in the digital token. Zachary Cefaratti, Dalma Capital CEO, stated:
“We see Tezos as one of the critical protocols for the burgeoning security token market, and look forward to securing future deal flow on the Tezos blockchain.”
Tim Draper, a billionaire entrepreneur and popular Bitcoin and cryptocurrency investor who is very bullish on crypto, has also revealed his thoughts on the Tezos crypto project, referring to it as “exciting.” He also believes that the cryptocurrency’s blockchain network could be an ideal platform for development and issuance of security tokens.
Author: Ravi Rd