The infrastructure that supports the cryptocurrency market is essential, and cryptocurrency exchanges play a key role in it. Like other important projects exchanges and protocols have their own native cryptos that are used in the ecosystem for the exchange’s products. They can also reflect their financial status. The KCS cryptocurrency, the native token for the KuCoin cryptocurrency cryptocurrency exchange, performed better than its competitors in July.
At the beginning of the month, the KuCoin Exchange Tokens (KCS) traded at $ 7.36. Its price doubled one week later to $ 14.42 on July 7. The KuCoin token exchange price rose to $ 11.21 by the end the month. KCS prices increased by 38% in July.
The Binance Exchange Token was $ 299. It reached a record monthly price of $ 338 on July 7. Three weeks later, it dropped to $256. The BNB token traded at $ 332, 11% more than the beginning of July.
On July 1, Huobi’s native cryptocurrency (HT), was priced at $ 10.73. Unlike KCS and BNB tokens, it didn’t see significant growth, and its price dropped to $ 7.57 on July 20, before reverting to its starting values of $ 10.79 at the end of the month.
According to momentum and profitability, KuCoin was the most attractive cryptocurrency for investors and traders in July.
Notably, the prices of native exchange cryptocurrencies have not been affected by Binance’s scuffles with numerous regulators around the world, and the maximum values of the price of KCS and BNB tokens correlate with the price of the second largest cryptocurrency – Ethereum (ETH). The month began with Ethereum falling from $ 2,265 to $ 2,033 July 1, before dropping to $ 2,393 July 7, with a subsequent decline. The second largest cryptocurrency, Ethereum, did not recover to $ 2,400 at the end of the month.
Bitcoin spent the majority its month at a price of 34,840-34,430. After July 26, Bitcoin entered a growth phase and ended the month with a $ 41,504. Bitcoin gained 19.25% in July, which was less than the KCS altcoin but more than the Huobi and BNB tokens.
The popularity of cryptocurrency continues to grow around the globe, leading to an increase both in the volume of financial transactions and the number of users of cryptocurrency exchanges. These factors can result in an organic increase of the value native exchange cryptocurrencies. The total capitalization in the cryptocurrency market is another reason why the prices for HT tokens, BNB, KCS and BNB will vary. The data shows that cryptocurrencies are often closely related.