$1.19 -2.89%
XTZ · 1w

This Small Bitcoin Rival Is Up Over 200% So Far This Year—Here's Why. (Tezos!)

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.

The bitcoin price has climbed sharply so far this year, though most other major cryptocurrencies have failed to match its gains. LightRocket via Getty Images

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 colla...

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