Tezos Token Makes Gains in Approach to Official Launch

Omkar Godbole
Sep 17, 2018 at 10:00 UTC
Updated Sep 17, 2018 at 10:13 UTC
markets

The price of XTZ, the native token of the Tezos crypto project, rose 30 percent over the weekend in anticipation of the network’s official launch Monday.

At press time, XTZ is trading at $1.55, having clocked a 5.5-week high of $1.75 at 13:10 UTC on Saturday. At that point, XTZ was up 35 percent from Friday’s low of $1.29, according to CoinMarketCap data.

The cryptocurrency picked up a strong bid on Friday after the developers tweeted that Tezos’ mainnet arrives on Sept. 17. In fact, the mainnet has been live in beta since late June with tokens tradeable on some exchanges.

Notably, trading volumes also jumped 169 percent on Friday to a nine-week high of $5.13 million, marking a surge in investor interest in the cryptocurrency.

It’s been a long wait for investors in the project. 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 for control between the founders and co-founding members of the project – problems that now seem largely resolved by a shift in governance.

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.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Tezos token image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.


This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.