Tezos [XTZ] amidst all controversies now ranks at 19th – What is happening?

Tezos, as a smart contract platform, allows users to code just about anything from a lottery to an insurance policy and put it on the blockchain. Over the past few months, there is a lot happening with Tezos in terms of its price and market cap.

Tezos's complete trade history | Source: CoinMarketCap

Tezos’ complete trade history | Source: CoinMarketCap

The Tezos’ investors waited for nearly a year to get their tokens and the first thing many of these investors did was get rid of them. This shows a wave of selling that took place since the tech backing for the crypto asset was released in beta.

The market cap of Tezos went from zero US dollar to over a billion dollar and while marking its ranks on the 19th position in market capitalization [CoinMarketCap stats]. Currently, Tezos has seen a whopping 31.79% rise in the last 24 hours at the price of $1.72 with a market cap of $1 billion.

There are a lot of controversies surrounding Tezos. Last year Tezos raised $232 million with an Initial Coin Offering [ICO]. Arthur and Kathleen Breitman, a couple who established this project, raised over 10x more than what they had estimated. Later, the couple faced four class action lawsuits.

Tezos also has been the subject of scrutiny and multiple lawsuits concerning compliance with US Securities Exchange Commission SEC regulations. The lawsuit claimed that Tazos tokens should be considered secure under US law. They would have to be registered with the SEC to be legally sold to US investors. They also faced a lot of internal governance issues.

The unexpected rush of liquidity to the XTZ market is speculated to be because of the Gate.io’s listing. Gate.io announced that it would support trading in XTZ on Monday. Prior to this, XTZ was available for trade only on HitBTC.

kyruu12, a Reddit user posted on Reddit:

“Tezos up over 60% since 10 hours ago, bounced nicely after a hard dump from $1.30 to $1.08ish roughly 10 hours ago. If the price stays like this or goes higher, in 14 hours we will see +60% green on CMC and maybe get some recognition we deserve :)”

CryptoLiveLeak, another Reddit user commented:

“Tezos is the only POS with Formal Verification prospects as well as on chain governance for protocol upgrades. The most exciting thing, besides projects building on Tezos, will be when protocol updates are proposed for vote. If we can vote from an App on our phones, while we self bake, think about that… Tezos is going to be huge.”

The post Tezos [XTZ] amidst all controversies now ranks at 19th – What is happening? appeared first on AMBCrypto.