Exchange Tokens Dominating the Cryptocurrency Markets

Most Of The Gains In Double-digits

As per the cryptorank.io data, most of the exchange tokens spiked in double-digit in January. The uptick which started in January and continued steadily for the month doesn’t seem to slow down. The uptrend is most probably going to remain for February.

Bitmex token was on the top with +34.8% gains for the month. The second top coin in terms of gains was Binance Coin (BNB) with +31.39% rise. Other exchange tokens that rose by double-digits were Gatechain Token (GT), Kucoin Shares (KCS), Huobi Token (HT) and OKB. The rises were between 26% to 21% for these tokens.

The momentum hasn’t stalled yet and is likely to continue this month too. BTMX is posting +29% on the daily where BNB is +2.78% high. As the exchange token continues to rise and is providing their value in this volatile market, we might see more traders investing in it.

Binance Coin (BNB) Leading All Exchanges

The profound influence of exchanges is clearly visible from the growing value of its tokens. Last month, it was reported about the whopping 966,230 BTC Coinbase has in its wallet, which indicates that these exchanges have large amounts of cryptocurrencies in custody as well. Exchanges are becoming the gatekeepers of crypto-assets dominating the trading world.

If the trading volumes continue to increase, the tokens will rise due to increasing activities on their platforms. Presently, Binance Coin (BNB) seems to lead all exchange token with $18.66 but is still far from its all-time high in June 2019, which was $39.90.