Cryptos

Resurgent crypto market: BTC outperforms exchange tokens

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The crypto market’s revival in August continued on Monday, August 23 when bitcoin’s value surpassed $ 50,000 since April 2021. This shows that the main crypto market is undergoing a revival. The increase in trade volume and slight increase in dominance of bitcoin market.

The BNBRise

However, bitcoin continues to outperform tokens and centralized exchange coins, just as it did in the last bullcycle. Binance embodies this performance of bitcoin by exchange tokens BNBCoin gained 20% in seven days, according to this article.

Resurgence of the crypto market: exchange tokens outperform BTC

As The dataIndicates the price of the BNBThe coin briefly rose above $500 on August 23, before settling down a bit, before hovering above $ 500. The token’s climb above the $500 mark – which was the first time it has done so since May 18, 2021 – was closely followed BNBWithin 24 hours, more than 10%

The price of this item is BNBThe token’s market capitalization is more than $ 77 billion, making it the fourth-ranked crypto asset. This valuation allows the exchange token to rank fourth among crypto assets. BNBtoken, which is already up 1200% by 2021, is by far the largest exchange token.

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The FTX token, the next highest-ranked centralized token exchange token with a market capital of $ 4.77 trillion at the time of writing, posted a gain around 4% in less then 24 hours and more that 7% in seven day. It is not surprising that the FTX token has seen a similar increase in its market cap to the centralized exchange token – $ 4.77 billion at the time of writing – and a gain of around 4% in less than 24 hours and more than 7% in seven days. BNBFTX token’s 2021 gains were more than 700% higher than the 67% gains made by dwarf bitcoin since the beginning of the year.

Only Qash, Bibox, QTF and Bibox tokens saw annual gains of less that 100% among the 13 centralized tokens. However, only two centralized currency coins, WRX (2.328%), and Kucoin’s KCS (1.934%) outperformed on the 13th. BNB token.

Increase in central exchange tokens

Johnny Lyu, Kucoin CEO told Bitcoin.com News that centralized exchange tokens have outperformed some of the more popular cryptos. This could be due to changing traders’ perceptions. Lyu noted:

Because these are more appealing to traders, traders are increasingly choosing centralized tokens. The growing popularity of exchange tokens is due to the financial performance of crypto exchanges, as well as the new products and the list.

Lyu claims that the incredible rise in price of the KCS token is due to Lyu’s company’s practice using profits to redeem tokens on the secondary market.

Many crypto analysts, including S2F’s creator, have predicted that this will happen. BTCLyu and others believe that centralized exchange tokens will continue outperforming bitcoin at an all-time high.

Do you believe centralized exchange tokens will continue outperforming bitcoin? We’d love to hear your thoughts in the comments below.


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