Tezos Soars 30% After Coinbase Pro Announces XTG Listing

Despite the current troubles in the crypto space this month, new tokens are still being listed on some of the world’s leading cryptocurrency exchanges. As everyone knows, Coinbase is the world’s most popular and biggest crypto exchange, and Coinbase Pro is not far behind, which is why whenever a cryptocurrency is listed on one of those exchanges, it is a big event. Today, the hype surrounds Tezos (XTG).

Major Development

In a new development, Tezos has been listed on Coinbase Pro today, and as soon as the announcement was made, the price of the XTG token skyrocketed. Like many other blockchains, Tezos is based on proof of work smart contracts and is engaged in providing upgrades to protocols by generating activities from users on the blockchain.

However, the update proved to be a huge development for those who had already been holding Tezos tokens. After the listing news was announced, the price of the token skyrocketed by as much as 16.4% as crypto traders tried to cash in on the landmark development. Coinbase Pro has many more users than regular crypto exchanges, and hence, a listing on the exchange is a huge deal. Since a much larger pool of individuals is now able to buy and sell this token, there is always the possibility of the price skyrocketing. Moreover, there is a lot more liquidity, and that helps in avoiding wild fluctuations in price at any given point of time.

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The price of Tezos went up to $1.30 from $1.04 barely an hour after this particular announcement was made by Coinbase Pro. The influence that the listing news had on the price of XTG can be gauged from the fact that the wider altcoin market has been in the red today. In other words, this one announcement managed to push up the price to such levels. The trading volume rose to $10.7 million in the 24-hour period from $5.6 million over the past week. Tezos is currently the 16th biggest cryptocurrency in the world in terms of market cap.

Featured image: DepositPhotos © Piter2121

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