Crypto Exchange Tokens Have Outperformed the Market in January
According to data from AltDex, a crypto index platform with several categorical indices, exchange tokens as a group have posted a better, albeit negative, return over the last 30 days.
The AltDex Exchange Index (ALTEXC), a benchmark index for the industry’s leading exchange tokens, is currently down a little over 9%. Over the same period, the AltDex 100 Index (ALT100), a benchmark index for the top-100 cryptocurrencies and tokens, has fallen more than 15.5% with Bitcoin down around 11.3% and other major altcoins posting significant losses.
Here is the 1-month return of the ALTEXC’s top constituents, in order of market cap:
- Binance Coin (BNB): 10.95%
- Waves (WAVES): -10.3%
- 0x (ZRX): -22.5%
- BitShares (BTS): -9.8%
- Loopring (LRC): 39.8%
- Huobi Token (HT): -16.5%
- Bancor (BNT): -20.9%
- KuCoin Shares (KCS): -40.4%
- QASH (QASH): -41.9%
- Digitex Futures (DGTX): -46%
The outperformance of Binance Coin is likely driven by a number of major announcements, including the recent launch of its own crypto-to-crypto OTC trading desk and the launch of BitTorrent Token (BTT) through Binance Launchpad, the exchange’s token sale platform.
The string of bullish news has ultimately helped offset the bearish pressure facing the exchange index, further growing Binance’s weight in the index and the overall market.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.