Tezos [XTZ] Up 5% Despite Market Crash, Triggered By Launch Of Margin Trading On Kraken

Tezos XTZ

Tezos is one of a few cryptocurrencies that are in the green zone. This is after the wider market plunged in the late hours of the day. In the late hours of Wednesday, the crypto market has wiped out billions after top coins dropped by 5% to 15%. But Tezos has been a top performer for the day and one of the few still in the green. Its momentum follows its addition as a margin trading options by Kraken exchange.

Tezos Gains More Ground As An Elite Coin

Tezos has been one of the best performers of 2020. It has more than doubled in value and climbs to establish itself in a top ten position. The digital asset has now gained further ground today as it adds more than 5% to its price. At the time of writing this, Tezos is up by 5.06% taking its price to $2.95. The target for the bulls is now getting back to $3.00.

Tezos (XTZ) | Coinmarketcap.com
Tezos (XTZ) | Coinmarketcap.com

In the top 20, Tezos is one of only two in the green zone. The other is Chainlink (LINK). LINK is up by 6% in the last 24 hours. In the 11th position, the coin is looking to close down the gap and reach Tezos in tenth. In the months to come, we expect a real tussle between the two after a strong start to the year.

Tezos Margin Trading On Kraken

Tezos price surge comes following its addition on Kraken for margin trading. This was announced by the exchange on the 26th through their blog. XTZ becomes the ninth coin to be listed by the exchange after Bitcoin, Ethereum, XRP, Bitcoin Cash, Monero, Augur, Tether, and Ethereum Classic.

The exchange has confirmed that the service will be available on Kraken and Kraken Pro. Previously, the asset was only available for staking.

“Starting today, traders can open positions up to 3x the value of all collateral currencies (crypto and fiat) available in their accounts to place long or short bets on the direction of four available trading pairs.”

Of course, the exchange has advised that this service is for advanced Tezos (XTZ) traders. Just today over $180 million Bitcoin longs were liquidated after Bitcoin slipped below $9K. it comes with great promise of profits but equal risk.

Traders are now keen to see how long XTZ can keep up its upward movement and/or when it will succumb to the bearish market pressure.