Tezos Rallies Following Coinbase Announcement, Major Tokens Up Slightly

Tuesday, July 30 — Top cryptocurrencies Bitcoin (BTC), Ethereum (ETH), and XRP are all trading slightly up at press time.

Market visualization. Source: Coin360

Bitcoin has been trading between $9,000 and $10,000 this week, and was showing little action on the day. At press time the coin i sup 2.37% to trade at $9,652.

Squawk Box co-host Joe Kernen predicted on July 29 that Bitcoin could hit $55,000 by the next halving of its mining rewards, which is projected to occur in May 2020.

Bitcoin 7-day price chart. Source: Coin360

Top altcoin Ether has had a steady week and is trading around $212 at press time, up 2.26% on the day. On it’s weekly chart, the coin is up 1.63%

Last week, institutional cryptocurrency exchange San Francisco Open Exchange (SFOX) suggested that Ether may not be an altcoin. SOFX reasoned its assertion by noting that Ether’s correlation to Bitcoin movements is higher than other so-called altcoins.

Ethereum 7-day price chart. Source: Coin360

XRP has seen a 3% gain on the day to trade at $0.319. On its weekly chart the coin is up over 3.5%. 

XRP’s issuing firm Ripple recently expanded its University Blockchain Research Initiative to include academics in Japan via Kyoto University and the University of Tokyo. 

XRP 7-day price chart. Source: Coin360

Among the top 20 altcoins, Tezos (XTZ), the 16th largest cryptocurrency by market cap, has seen the largest price spike on the day. At press time, XTZ has seen over a 24% rally to trade at $1.24.

The spike follows an announcement from United States-based crypto exchange Coinbase, which revealed today that it would be offering XTZ on Coinbase Pro starting August 5. 

XTZ 7-day price chart. Source: Coin360

Earlier this month, Cointelegraph reported that Latin America’s biggest investment bank, BTG Pactual, plans to shift its security token offerings onto the Tezos blockchain. The bank and Dubai-based asset manager Dalma Capital will purportedly use the Tezos blockchain to tokenize assets in various different industries, including real estate, equity and lending.

Bitcoin Cash (BCH) is also seeing notable gains, up over 9% on the day to trade at $330.42, while the only loser among the top 20 coins is Bitfinex’s exchange token Unus Sed Leo (LEO), which is down 1.34% to trade at $1.33.

The total market cap of the top 100 cryptocurrencies is currently over $261 billion, according to the data provided by Coin360’s summary table.