Crypto Exchange Tokens Have Outperformed the Market in January

via QuoteInspector.com
Voyager
Voyager

Despite investor sentiment dropping after the first major hack of 2019, tokens associated with crypto exchanges have outperformed the broader 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.

However, two major constituents, Binance Coin (BNB) and Loopring (LRC), both posted positive returns to help bolster the index relative to the broader crypto market.

AltDex Exchange Token Index

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.

More: AltDex Exchange Token Index

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.

 
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