Tezos Price Explodes This Week With Coinbase’s Help

At the end of this week, Tezos made a significant success which we previously reported in our altcoin news likely due to the announcement from Coinbase.

The native asset of Tezos XTZ seems to have established a new weekly high to towards the $1.08 price point which is a 17 percent increase over the past 24 hours. The latest boost price brought the weekly gains of the price to get up to 57 percent which brought the price a little bit closer to the previous November high at $1.09.

When compared to the other top 20 cryptocurrencies, it seems like no other coin reached the level as Tezos did when it started the rally.

Looking at the volume of XTZ, the crypto exchange listing XTZ enabled pairs to show that the trading activity is worth a little bit higher above $8.2 million. Among the exchanges was Gate.io the China-based crypto exchange which showed 27 percent of the total XTZ daily volume. Tezos also seems to be well distributed.

What is also extremely interesting, Tezos attracted a notable volume from fiat markets. For example, On the US regulated Kraken exchange with international markets; the euro brought 9.23 percent of the total daily volume of the coin. At the same time on the same platform, the US dollar accounted for $477,000 over a timeframe of 24 hours.

A few days back, Coinbase, the San Francisco-based crypto exchange announced they will allow for their clients to stake their XTZ holdings and receive annual returns. The new service from Coinbase, offered by Coinbase Custody Service would make possible for investors to be included in the running of the Tezos blockchain by being able to stake their holdings and to validate blocks.

Coinbase’s service offers a great deal of fund security. The firm confirmed that all of the XTZ tokens will be staked in fully-insured cold storage. Also, the exchange platform will issue bonds to Tezos validators so all of the funds will be 100% secure.

Investors are expected to purchase the XTZ tokens and to stake them via the Coinbase Custody service which will further fuel the coin’s demand against the limited supply.