Bitcoin has been beating out almost all of its rivals so far this year with bitcoin’s dominance, a measure of bitcoin’s value compared to the wider crypto market, approaching 70% for the first time since early 2017.
The bitcoin price has risen by over 200% since the beginning of the year, but it isn’t the only cryptocurrency to make serious gains in 2019.
Tezos, which currently ranks as the 16th largest cryptocurrency according to CoinMarketCap data, has also made gains of more than 200% since January, with its market capitalization approaching $1.5 billion.
Tezos’ latest gains this week, adding just over 15% to the tezos price, were in part caused by eToro, a U.K.-based bitcoin and crypto brokerage, rolling out trading support for tezos, shortly after Coinbase, the largest U.S. bitcoin and crypto exchange, adding the token to its platform just last week.
“As we see financial institutions move more into the world of crypto, it is important that ordinary investors can take advantage of these technological developments, which is why we’re excited to be adding coins like tezos to eToro,” said eToro co-founder and chief executive, Yoni Assia.
The latest positive developments for tezos follows a number of high profile wins for the smart contract and security token focused blockchain, which supports the XTZ cryptocurrency, following its rocky but successful 2017 fundraising initial coin offering (ICO).
“[Tezos] seems like a really cool blockchain,” eToro’s senior market analyst Mati Greenspan wrote in a note to clients following the addition of tezos to eToro.
The tezos ICO raised a record-breaking $232 million, though it wasn’t without its hurdles, with Greenspan describing it as “shrouded with controversy and plenty of drama.”
Tezos came close to collapse in late 2017 due to dispute between tezos’ two young founders– Arthur and Kathleen Breitman–and Johann Gevers, the president of a Swiss foundation the couple helped establish to handle the ICO and promote and develop the tezos computer network, it was reported by Reuters at the time.
In June, major Brazilian investment bank BTG Pactual announced plans to shift its security token offerings onto the tezos blockchain, while investment platform Dalma Capital is also planning to use tezos to tokenize a variety of assets from real estate, equity, and lending, to sports clubs.
“We see tezos as one of the critical protocols for the burgeoning security token market, and look forward to securing future deal flow on the tezos blockchain,” said Zachary Cefaratti, Dalma Capital chief executive.
Meanwhile, Tezos hired a former PwC executive as the company’s CFO in June.
Bitcoin and cryptocurrency investor Tim Draper has also talked up tezos, saying: “We are believers in the tezos project and see a strong use case for security tokens.”