Data indicates that the majority of cryptocurrency exchange tokens fall behind Bitcoin.
A recent research report by TokenInsight has shown that, despite the increasing popularity of crypto exchange tokens such as Binance Coin (BNB) and Bitget Token (BGB), Bitcoin (BTC) remains the superior investment choice. While the rise of decentralized finance and non-fungible tokens has boosted the demand for exchange tokens, they have underperformed compared to Bitcoin.
According to TokenInsight’s study, the collective market cap of crypto exchange tokens was $68 billion in February, accounting for 3.2% of the overall crypto market cap. However, this represents a slight decrease of 0.3% compared to the end of 2023. The performance of exchange tokens varied, with some facing challenges due to regulatory pressure.
Despite Bitcoin’s dominance in the market, certain exchange tokens like BGB and MX Token (MX) managed to outperform it. BGB witnessed gains of 434%, while MX saw a 248% increase, according to TokenInsight’s data. In comparison, Bitcoin soared by over 200% since the beginning of 2023. However, HTX’s HT and OKX’s OKB tokens experienced a decline in market value, falling by 75% and 53% respectively since the start of 2023.
In other news, hackers have been spamming crypto exchanges with fake GALA tokens. Stay updated by following us on Google News.
