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Tezos (XTZ)—the tenth largest cryptocurrency by reported market cap—is up over 10% since yesterday and is trading for $1.66.
In the past, Tezos has outperformed many of its crypto counterparts. As recently as March 10, the asset was leading the crypto industry into greener pastures as Bitcoin pushed closer to the $8,000 mark. However, much like its digital cousins, the currency has been suffering heavily thanks to growing fear and panic surrounding the coronavirus pandemic.
At its 2020 peak in February, Tezos was trading for over $3.50. It encountered its weakest point on March 17, when the currency fell to the low $1.30 range. Today’s price improvement suggests the asset is moving in the right direction, though there’s still plenty of room for growth.
The surge potentially stems from a recent class-action lawsuit Tezos settled over the weekend. The company had been sued by numerous investors alleging they were owed compensation after Tezos raised $230 million in an initial coin offering (ICO) that, they say, amounted to an unregistered securities sale.
Tezos opted to settle rather than fight the lawsuit, citing legal expenses and the suit’s “time-consuming” nature, though the company denies having done anything wrong.
Aside from Tezos, several other top cryptocurrencies are in the green today. Bitcoin has surged by more than $500 since Sunday. It currently sits above $6,400. Ether, Ripple, and Bitcoin Cash are also up by anywhere between six and seven percent.