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Tezos [XTZ] soars by 65% in seven days after community votes for upgrade implementation

Priya

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Tezos [XTZ] soars by 65% in the past seven days after community decides on upgrade implementation
Source: Unsplash


A majority of the cryptocurrency market recorded sideways movement on March 22, however, few cryptocurrencies did showcase double-digit growth over the past seven days, including major coins such as Tezos [XTZ], Ontology [ONT], Maker [MKR], and Bitcoin Cash [BCH].

Tezos [XTZ], the twentieth-largest cryptocurrency by market cap, recorded a massive surge of over 65% over the past seven days. According to CoinMarketCap, at press time, it was trading at $0.741 with a market cap of $492.37 million. The trading volume of the cryptocurrency was $11.63 million, and the chart showed a price hike of over 9% in the past 24 hours.

Tezos seven-days price chart | Source: CoinMarketCap

Tezos seven-day price chart | Source: CoinMarketCap

The highest trading volume for the cryptocurrency was recorded on Gate.io with the XTZ/USDT trading pair. It contributed around 16% of the total trading volume. BitMax was second on the list, contributing 12% via the XTZ/ BTC trading pair. The next three spots were occupied by Kraken, contributing 33.45% on the BTC, USD, and EUR trading pairs.

Tezos price chart | Source: Trading View

Tezos price chart | Source: TradingView

On March 21, the platform announced the completion of its first voting round. The vote was to decide whether the Tezos community was in favor of a system-wide upgrade. The voting saw two upgrades competing, ‘Athens A’ and ‘Athens B’, with Athens A gaining the community’s attention. Athens A received a total of 25,885 community votes, with 18,181 votes in favor of the upgrade. The Tezos Foundation did not take part in the voting system to appear neutral.

The official blog post read,

“As noted, this contributes to the required quorum and further elevates the voices of other members of the Tezos community in this historic first vote.”

The approved proposal would introduce two backward-incompatible changes [hard fork]. These upgrades are related to the scalability of the network and bakers [miners] of the platforms. The first change would increase the Gas limit set per block, thereby increasing the scalability of the network. The second change would decrease the aggregated tokens held by bakers from 10,000 XTZ to 8,000 XTZ.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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