As the collective was ensconced in the Bitfinex-Tether drama that led to waves of fluctuations in the price of Bitcoin and the collective market, one coin was unfettered, slowing edging upwards. Tezos [XTZ] has seen a massive bump in its price owing to a significant announcement of the integration of its blockchain for a digital real-estate exchange.
AlphaPoint, the New York-based security tokens platform and Elevated Returns, a blockchain company on the intersection of real estate and digital assets are looking to build a digital real-estate exchange on the Tezos platform. Their focus, for this project, is the Southeast Asian real-estate market.
Property rights on the digital sphere had been a raging prospect in the tokenization and real-estate market for years now. Being based on a blockchain allows even more administrative ease, allowing for guaranteed property ownership, immutable transactions, and token flexibility.
The price of the 16th largest cryptocurrency in the market hiked by over 10 percent against the US dollar in this 24-hour period. Given the market’s April performance, this gain might seem small, before looking at the relative market’s performance. The overall market cap dipped from $184 billion on April 23 to a monthly low of $168 billion by April 26. At press time, minimal gains had allowed it to crawl over $170 billion.
In contrast, Tezos chided the collective wave and has been riding a smooth green incline. The coin’s price peaked earlier in the week to $1.51 and then dipped by 31.12 percent to $1.04. The recent pump saw the coin add over 17 percent in a little over 24 hours. Currently, the coin is trading at $1.22, which is nowhere close to its April high of $1.51, but given the way the market is trading, the Tezos community will take those gains.
Market Capitalization had seen a continuous move upwards till it touched $973.21 million earlier this week, just shy of the $1 billion-mark. The subsequent market correction and aforementioned drama saw the coin drop to $701.55 million two days later prior to which it began its rise, which persisted till press time. At press time, the coin’s market cap was $810.51 billion.
BitMax took the top spot for Tezos global trade volume, accounting for 24.69 percent of the total, via the trading pair XTZ/BTC. Other prominent contenders on the exchange list are Gate.io, Kraken, Bitfinex, and HitBTC.
Furthermore, the Tezos community still remains optimistic because of the future prospects of the coin. Several major exchanges have not listed Tezos on their services yet, including the largest exchange in the world, Binance. As historic price movements indicate, a listing by a giant exchange usually leads to a massive increase in the price of coins, which tends to sustain.
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Graduate of Finance and Economics, interested in the intersection of the world of decentralized currency and global governance.