Tezos (XTZ) Looks Strong As Market Bounce Back
The crypto market opens this week on a strong note with the majority of the digital assets posting strong gains.
Tezos (XTZ) Shines in the Market Recovery
Tezos (XTZ) joins its crypto allies to force a market recovery, contradicting the predictions of numerous analysts and critics.
After launching its mainnet, the token started trading around $1.98 before quickly dropping to $1.21. Since then, the newly launched and widely anticipated token sits at $2.25.
Tezos continues to look strong. After rising to a high of $2.32, it only experienced a minor pullback as traders take profits.
Over the last 24 hours, the value of XTZ has dropped slightly by 2.16%, similarly, XTZ is also trading at -3.75% against Bitcoin (BTC).
The total gains over the last 48 hours move the market capitalization of Tezos up by more than 17%.
Tezos now has a market cap of $1.37 billion, which makes Tezos the eighteenth largest cryptocurrency by market capitalization. Over the last 24 hours, $3.57 million worth of XTZ has exchanged hands.
Tezos Foundation to launch grant program
With the price of XTZ rising steadily, the Tezos Foundation made a huge announcement to go with along with it.
Tezos Foundation announced a new program that will offer grants to people that want to help the Tezos network grow, similar to Dash and other coins.
According to the press release made by the foundation, developers will be able to call for Tezos’ grants by next month.
With the Tezos Grant Program, Tezos Foundation hopes to encourage the Tezos community member, educational and research institutions and developers.
Tezos noted three classes of people who would qualify for the grant. They include:
- Individuals whose efforts are geared toward strengthening and nurturing the burgeoning of the Tezos community.
- Individuals who would develop tools and applications to support the Tezos ecosystem.
- Individuals who would make researches to further the Tezos protocol and related technologies.
The Tezos grant program is a great initiative by the Foundation.
This program should help the foundation which raised $232 million for its ICO win back credibility which has often been questioned by critics.
Global crypto market trending up
At some point yesterday, over 90% of the entire crypto market showed bullish signs. The recovery, which began last week, has seen the cumulative value of the crypto market cross the $271 billion mark.
Seeing cryptocurrencies force a comeback, in its right is impressive. What makes it more impressive is that those gains have been sustained.
As at the time of this writing, over 70% of the crypto market is still recording major gains over the past few days despite a minor pullback this morning.
The market recovery and stability is to be celebrated given the run of the crypto market this year.
While it is easy for most critics, analysts and crypto enthusiasts to put Bitcoin and other major digital assets at the forefront of the market recovery, there are other cryptocurrencies recording greater gains.
One such is Tezos. The cryptocurrency is contributing exceptionally well to the current market recovery cryptocurrencies are experiencing.