Tezos (XTZ) is waiting for a new period of enthusiastic buying. The asset, which hovered under $1 in the past week, returned to volatility.
XTZ traded at $0.89 on Thursday, though briefly touching $0.92. XTZ remains an actively traded asset with the option for staking and governance voting. Still, its presence on Coinbase has not helped lift the price much.
Now, there is talk of a bonus program on OKEx, with an upcoming listing of the asset. So far, OKEx has skipped the asset, which is present on most leading exchanges. On Binance, XTZ trades at around $1 million in daily volumes. Despite XTZ being available through Coinbase, it is still not listed among the Binance.US assets.
— jdsika (@jdsika) October 31, 2019
During the promotional period, running from October 31 to November 3, newly arrived OKEx traders who complete the KYC procedure will receive 3 XTZ.
The upcoming listing of XTZ to one of the most active exchanges arrives at a fortunate moment. Altcoins, which only held small-scale rallies, were met with renewed enthusiasm by Chinese traders. Availability on OKEx may regenerate the taste for speculative XTZ trading.
The Tezos network currently carries around 24 transactions per block, a pickup of activity in the past few months. Unfortunately, beyond baking, XTZ has very limited activity on a handful of distributed apps. The Tezos project is active in development, and is one of the partners of the ChainLink (LINK) oracle project. However, as a competitor to Ethereum, Tezos is far behind.
So far, Tezos has failed to compete with the applications of EOS and TRON. But with a price under $1, the XTZ asset is seen as a potentially profitable wild card.
XTZ remains highly volatile against Bitcoin (BTC). The asset has a curious trading profile, as it is highly dependent on Binance. But the XTZ pairings include US dollar influence from Coinbase. The coin is also active on Kraken, potentially getting a boost from European traders. Now, with an OKEx listing, demand from Asia may also grow.