Tezos Price Spikes 10% In 24 Hours, Signaling Recovery From Recent Setbacks

Tezos, a cryptocurrency that launched its crowdsale in July 2017 with the promise of being the first “self-amending” cryptocurrency, posted a 10 percentage point gain in the last 24 hours, a sign that it is recovering from some recent setbacks. Today’s bump could reflect a stabilization following the hit that the tezos price experienced as a result of its internal disputes and class action lawsuits related to its ICO, which raised $232 million.

tezos price
Source: CoinMarketCap

The price was $1.56 at 4:39:11 UTC today and reached $1.90 at 4:49:11 UTC, according to CoinMarketCap. The price was $2.07 on July 28 before slumping to $1.56.

Stabilization Following Setbacks?

The tezos price has been improving since hitting a low of $1.41 on July 5. The price spiked at $11.21 on Dec. 17, driven in part by the marketwide soar at that time.

The cryptocurrency’s fortunes suffered from some conflicts within the Tezos organization and several class-action lawsuits that alleged the token was a security. Tezos’ fall made it one of the biggest losers in the past year among the “billion-dollar coin club,” consisting of 18 cryptocurrencies.

PriceWaterhouseCoopers recently agreed to audit the Tezos Foundation’s finances to enable the foundation to operate with integrity, marking the first time a “big four” auditor agreed to audit a large blockchain organization, which some see as an indication of the financial service industry’s growing comfort with cryptocurrency.

Also read: Tezos Foundation taps ‘big four’ firm PwC for independent audit

A Unique Network

Tezos was developed to be “self-amending” and to evade hard forks, which its founders, Arthur and Kathleen Breitman, saw as a fundamental problem with cryptocurrencies.

The permissionless network relies on a smart contract in which developers can propose upgrades to the protocol. Tezos uses a proof-of-stake system, rewarding users for their investment as opposed to their use of computing power. Users vote in proportion to their holdings in the system.

Tezos continues to trade at a price higher than the $0.47 token price during the ICO.

It is currently the 18th largest cryptocurrency with a market capitalization of $1.162 billion.

Featured Image from Shutterstock

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