Tezos (XTZ)’s Rough Ride a Year After ICO

It’s Invest Diva’s Kiana Danial https://www.investdiva.com/ with News BTC and here is your cryptocurrency update. Tezos and its token XTZ went on a wild ride last week as its price crashed over 60% by Saturday and then recovered over 33% by the end of Sunday’s trading session. These all happened after the launch of its Beta-Net beginning of July. During its crash, it was one of the few cryptos to drop in top 20 in a rather bullish general market sentiment across the board. A little bit about Tezos, it’s a distributed, peer-to-peer, permissionless network, whose system is based on smart contracts similar to Ethereum (ETH). It aims to formalize the blockchain governance by enabling stakeholders to efficiently govern the protocol and implement future innovations. Tezos is not minable and uses proof-of-stake (PoS) instead. After its ICO back in July 1st, 2017, it has been in the midst of a number of scandals including a fight between the young husband-and-wife team who founded Tezos and the Swiss foundation that was supposed to help the company build an ambitious new software platform. Its progress was also halted by multiple lawsuits, and regulatory interference by the SEC. After all this, it appears that Tezos has put its past behind and is looking to move forward. One major victory for the cryptocurrency is finally being ranked on the market cap list because prior to last week ranking sites had not been able to find enough information on the actual coin circulation. It is currently ranked 19th on CoinMarketCap.com. Thorough price action analysis is still not possible as the token is not yet listed on TradingView.com. It does appear though that XTZ’s price may have bottomed out after last week’s drops towards the key support level of $1.40. At the time of filming it is aiming to cross above the $2.30 resistance level and reach the median resistance at around $4.00. Thanks for watching, invest responsibly, and I’ll see you with more updates tomorrow.

Tezos (XTZ)’s Rough Ride a Year After ICO

Related Post:

About The Author

Kane Dane