Native Cryptocurrency Exchange Tokens are Dominating the Coin Market with Significant Gains
In the ongoing bear market, Bitcoin is stuck at $4k and top cryptocurrencies aren’t up to much. Apart from a few cryptos like Cardano, IOTA, and Tezos among others, the majority of the cryptos are in the red today by 1 to 2 percent.
Meanwhile, the tokens of cryptocurrency exchanges are shooting up like crazy. We have already seen Binance Coin (BNB) the native token of biggest cryptocurrency exchange Binance rise over 250 percent in this year and jump to the 7th position.
At the time of writing, BNB has also been in the green by 1.51 percent, as per the data provided by Coinmarketcap.
However, it is not just BNB that is raking in profits, exchange tokens seem to be dominating the crypto market.
Huobi, the 14th largest crypto exchange’s native token, Huobi Token (HT) has seen a surge of 117 percent in the past month going from $1.26 to the highest $2.73.
HT 1-month price chart, Source: Coinmarketcap
In less than 5 days, Huobi Global is launching Huobi Prime, its competitor to Binance Launchpad. A platform that is designed for both ordinary retail traders and “deep-pocketed” investors for the upcoming coins.
The coins will purchasable via HT and immediately tradable against HT token where the initial purchase
“cannot exceed the equivalent of $1,000 USD in Huobi Token.”
Yet another exchange following into the footsteps of Binance is KuCoin that recently announced the launch of KuCoin Spotlight, a platform for blockchain companies to raise funds. The official announcement states,
“KuCoin Spotlight will officially announce its first Spotlight project within this week. The Spotlight token sale is on a first-come, first-served basis. The sale will be based on KCS and the actual price in KCS will be announced on the day of sale.”
In the month of March, KuCoin Shares surged 156 percent from $0.448 to yesterday's highest at $1.15.
KCS 1-month price chart, Source: Coinmarketcap
Other tokens of cryptocurrency exchanges that are shooting up involves BitMAX token of BitMAX exchange that is up 415 percent this month as it went from $0.019 to $0.098.
Digitex Futures (DGTX) is a crypto futures exchange that through DGTX removes the need to charge transaction fees. From $0.0442 on March 1st, DGTX rose to $0.092, currently, it is trading at $.0748.
Cobinhood exchange’s native token COB rose from $0.008 to $0.0132, seeing a surge of 12 percent in the past 24-hours.