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Tezos Announces its Arrival, Surges 35%

Setting a foot into the weekend, the crypto exchange markets are slightly on a hike.

The total market capitalisation holds justly $270 billion. Prior to close yesterday, Bitcoin traded at $6,660 i.e. 1.3% hiked while Ethereum was up 2% and stood at around $470.

The altcoins are a complete farrago but amongst them, Tezos is leading the FOMO charge.

In keeping with Coinmarketcap Tezos was up 35%, trading at $1.73 from $1.16 the day before. Over the week its trade price declined about 60% from $4.4 last Saturday. Over the past month, the losses incurred were even more.

As of now, the impetus for Tezos comes from the prolonged wait before the launch of ‘Betanet’ a few days back. According to Tezos’ website, the betanet had been launched in anticipation of a broader main network launch in the future. The foundation has been working hard to promote the newly assembled project ever since.

Owing to the announcement, Tezos jumped into the top 25 last month, with a market cap of $1.2 billion. In the time period, it has fallen back to just over $1 billion and thereby stands on the 19th position, currently.

As against Bitcoin, XTZ has climbed 32%, to 26000 satoshis from 18000 satoshis, on July 7. On the week though, Tezos has lost 62% against Bitcoin falling from 70000 Satoshis last Saturday.

Tezos is traded only on two platforms, viz. Gate.io and HitBTC, which is an exceptionally good progress since its launch. There are 763 million XTZ supplied with 607 million circulating. Trade volume of XTZ stood at around $10billion which declined from $13 billion, a day before.

The total crypto market capitalisation went up by 2.3% to $269 billion. The total trade volume, however, fell to $12 billion from $16billion suggesting the possibility of further decline.

In addition to this, other tokens are performing reasonably well as yet. The Binance Coin surged 6%, Qtum went up by 8% and Bitcoin Gold 6.5%.

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