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Another price hike: Tezos [XLT] shoots up by 13% in 24 hours

Gautham Kadri

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Another price hike: Tezos [XLT] shoots up by 13% in 24 hours
Source: Pixabay

The week has started to be a bright one for Tezos [XLT]. The coin has seen a jump of more 13% in the past 24 hours. Moreover, the coin has also jumped to the 18th position on CoinMarketCap. Earlier today, the coin was up by more than 20% and it witnessed a slight downtrend.

Until today, the coin witnessed a steady rise which was in accordance to the other coins in the cryptocurrency market. At press time, the coin was trading at $1.55 with a market cap of more than $942 million. The reason for the hike in the price is believed to be Coinone.

Coinone, the biggest exchange platform in South Korea announced that they have listed Tezos [XMT]. The deposit and withdrawal service for the coin on the platform begins at 4:00 p.m KST on 20th August 2018.

Tezos 1 day chart | Source: Coinmarketcap

Tezos 1 day chart | Source: Coinmarketcap

A Redditor commented on this saying:

“The bigger factor is that Tezos will now have a KRW pair.”

Another comment on Reddit said:

“Not a substantial exchange, still nice.”

Tezos has been one of the most controversial coins in the whole market. Previously, the coin was scrutinized by several authorities including the U.S. Securities and Exchanges Commission [SEC]. There are several lawsuits against the cryptocurrency as well. In addition, the coin made a huge buzz in the market after it went from $0 to a whopping $1 billion in terms of market cap.

The Initial Coin Offering [ICO] of Tezos raised around $232 million and the coin is famous for being endorsed by Tim Draper, a Bitcoin billionaire, investing an amount of $6 million before the ICO sale. It was discovered that ICO raised a much larger sum that led to many individuals to believe that only the top members of the organization like the board and venture capitalists would benefit the most from it.


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Gautham Kadri is a full time content writer at AMB Crypto. His passion is for writing and interest towards the future of cryptocurrencies and blockchain technology. He does not hold any form of crypto currencies presently.

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