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Tezos Feels Coinbase-Effect as rest of Market Turns Green

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July 31, 2019 | 

Darryn Pollock |  0 Comments| 

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Tezos, the controversial ICO that once held the record for being the biggest ever, has felt the full effect of the Coinbase-effect, after it was added to the exchange’s pro platform. The token saw a sharp spike in value of over 20 percent, which has helped push it up into the to 20 coins by market cap.

As for the rest of the cryptocurrency market, there is a little respite from falling numbers as most of the market has a green hue to it. However, the gains are nothing to substantial with overall trading still predominantly parallel.

Tezos has finally started righting its ship after its post-ICO business was a disaster full of in-fighting and lack of execution. However, this move to Coinbase represents a significant milestone for the project. 

20 percent gains

Tezos is now ranked as the 16th biggest coin by market cap and has seen the biggest spike in the last 24 hours, registering a 24 percent gain which pushed its value to $1.24. Prior to the boost provided by Coinbase’s decision to list, TRezos were worth closer to the $1 mark.

Tezos has been in the news recently with a Latin American investment bank stating it would be shifting its security token offerings onto the Tezos blockchain. Additionally, the company also announced a former PwC executive was hired as the company’s CFO.

Going green

This market move from Tezos is almost directly down to the “Coinbase-effect” which sees tokens often pick up big gains whenever they are announced to be traded on Coinbase. This is because it offers more accessibility to the token, and is a way of legitimizing them somewhat.

For the rest of the market, it is more of a recovery scene as coins like Bitcoin Cash, Chainlink, and NEO lead the way with fans around five percent. For the rest of the market, there is slight gains of closer to two percent with Bitcoin up 2.82 percent, trading at $9,773.

What is to come?

The market remains in a precarious state currently with the bullish tendencies through most of 2019 seemingly taking a break after Bitcoin rocketed to $13,000 this month. That is not to say the bullish sentiment is removed, but many feel that the major cryptocurrency could fall below $9,000 which may spark more bearish trends. 

The rest of the market is still mostly mirroring, or working under, Bitcoin as its dominance is still up and a big factor to consider. Altcoin season is still yet to show its face, and with trading being mostly parallel, it is not expected to emerge soon.

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