Tezos (XTZ) has continued to climb up the charts on the back of its Kraken listing. At the time of writing, XTZ was growing at a rate of 12.20% with a total market cap of $856.681 million. The cryptocurrency was trading for $1.41 with a 24-hour market volume of $3.812 million. Ever since the Tezos main net was launched a few weeks ago, things have shifted into a higher gear for XTZ. A growing list of exchanges support this token at this time, and it appears that list will continue to grow for quite some time to come.
It’s been a long wait for investors in the project. As we have detailed here, having raised $232 million via an ICO in July 2017 – one of the largest token sales ever – things were looking bright for Tezos. However, the development of the blockchain network was thrown into disarray due to a bitter legal tussle.
Find out when XTZ reaches critical levels. Sign up for push notifications to hear about every new article on economicgazette.com.
Originally, initial coin holders ran away from the project the second XTZ became liquid. Ironically, for a project that aimed to improve governance, the Breitmans – whose company Dynamic Ledger Solutions controlled the code behind the Tezos protocol – soon found themselves locked in a dispute with the president of the Tezos Foundation, Johann Gevers (who stepped down in February, ending the feud). That battle ate up months of time that could have been devoted to launching the network, sapped the community’s energy, and apparently convinced some investors to sell at the first opportunity, as stated above.
However, all seems to be taking shape now for XTZ. Looking forward, if the launch goes well and the trading volumes remain healthy, then XTZ could soon revisit Friday’s high of $1.75. Further gains could be on the cards if the broader crypto market continues making gains.