Tezos (XTZ) has been performing well in recent weeks as other coins continue to fall. The coin gained, taking its market cap to $1.4 billion, which placed it within the top ten cryptos by market cap.

Tezos Grows in Values as Addresses with Small XTZ Balances Increase

Since the first week of November, XTZ has experienced a 58% climb, representing a significant increase in value and market capitalization in over 40 days. In contrast, other cryptocurrencies, such as Bitcoin, suffered several slumps, with each having its market cap significantly devalued. The price of Bitcoin has dropped to around $7,000, while the Ethereum price is nearing a year-to-date low of $123.27.

However, the increase in the value of Tezos might have been a result of the growing number of accounts with small balances of XTZ. This is according to a Coinmetrics report that indicates that XTZ has managed this feat as the market continues to experience growing reticence.

The number of addresses with small balances of Tezos has grown significantly since August. The addresses grew from 60,000 in August to the current more than 100,000 addresses. At the beginning of this week, the number of addresses having at least 0.1 Tezos was around 107,000.

Various Crypto Exchanges Add Support for Tezos Staking

Some opine that the reason for the surge in the value of XTZ over the past month is the enhanced support for XTZ staking from major crypto exchanges. Staking is a way for token holders to generate passive income for contributing to the security of the network.

>> Ethereum Pluges 10% in 48 Hours: Coin in Net Negative for 2019

In early November, Coinbase added support for Tezos staking on its platform, enabling users to earn up to $6 worth of Tezos for completing lessons on the platform’s functionality. Following Coinbase’s support, Kraken also followed suit on December 13 when the exchange announced it was enabling Tezos staking.

Equally, Binance and Ledger have also announced their support for Tezos. Ledger announced support for XTZ, which allows its users to manage the coin and grow their assets by staking XTZ. Tezos becomes the first proof-of-stake protocol that allows users to delegate coins network validators on the Ledger Live Platform.

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Ever since Facebook announced earlier this year that it was going to launch its own cryptocurrency, Libra, the token has been met with a lot of skepticism. Leading regulators at some of the world’s central banks, as well as United States President Donald Trump, have criticized different aspects of Libra.

Major Details

In a new development, one of the board members of the Libra Association, Patrick Ellis, has stated that there is still no plan with regards to the launch of the token. He added that the association is not sure how or when the token is going to be launched.

Ellis revealed this new piece of information about Libra’s launch (or lack thereof) during the course of a telephone interview from his location in Singapore. He said, “At this stage, there is no strategy set in stone for the markets or the product, or how it will actually get rolled out.”

Considering the fact that the latest update has come from someone from inside the association, it is another setback for the entire project. The token is supposed to be a form of stablecoin, and regulators have raised concerns about Libra since it could undermine regulated fiat currencies.

On the other hand, the sheer scope of Libra has been well documented due to the sheer number of users that Facebook can leverage once it is launched. The social media platform boasts of a user base of 2.4 billion globally, and that gives the Libra token a potentially huge customer base.

>> Tezos (XTZ) Surges After Kraken and Coinbase Add XTZ Staking

However, some experts also raised questions about the privacy of users who buy and use the Libra token in light of the slew of privacy issues that have plagued Facebook over the past few years. While Ellis said that he was not sure about its launch, he did categorically state that Libra is going to be eventually launched. He is just not sure about the timeline.

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