Native Crypto Exchanges Tokens are Experiencing Three Month Lows
Crypto Exchange Tokens Have Plunged Almost 50% since July
Tokens associated with cryptocurrency exchanges have not been doing well since July. They have collectively dropped almost 50% since then as the entire market suffers from significant downward pressure and decreasing investor sentiment.
A benchmark index for the leading exchange tokens in the industry the AltDex Exchange Token Index (ALTEXC) is currently at 53.3, down from 100, which was its launch value on July 9. The benchmark index comprises of tokens associated with major decentralized and centralized exchanges, including Kucoin, Huobi Token and ZRX.
Binance Coin Down By 30%
Binance coin (BNB) is one of the worst hit crypto exchange tokens, dropping with a cool 40% since June. However, generally, BNB has been one of the best performing cryptocurrencies in 2018 largely because of routine token burns and significant international growth of the Binance platform.
Trading Activity On Coinbase Also Drops
According to some recent reports, trading activity on Coinbase has also dropped significantly since hitting all-time highs in January. It has gone down by 83%, showing that less investors are willing to get their money in the crypto world.
This is also the case with Binance, which happens to the most popular cryptocurrency exchanges in the world. It peaked in February, recording incredible numbers, but then went down by around 30% from it initial all-time high.
Considering all these things, value investors who believe that markets will come back to previous highs may find exchange tokens as great bets, considering that they are trading low.