Crypto Exchange Tokens Surge to Start the Month

Voyager
Voyager

Cryptocurrency exchange tokens have started March on a high note, now up 7.1% on the day according to the AltDex Exchange Token Index (ALTEXC), a digital asset index that tracks the token category.

Today’s rally has been led by several major tokens including Binance Coin (BNB), Huobi Token (HT) and Kyber Network (KNC), which have helped the index end the week in positive territory.

ALTEXC 1-Week Chart

Taking a longer-term look, the exchange token index significantly outperformed the broader market in February. Over the past month, the ALTEXC is up a staggering 57% while the AltDex 100 Index (ALT100), a benchmark index for the 100-largest coins and tokens, is up a little over 17%.

ALTEXC 1-Month Chart

While the majority of index growth has been driven by the ALTEXC’s largest constituent, Binance Coin, it’s clear that the larger exchange token market has outperformed, with many smaller tokens following BNB’s lead. The rally could be due to growing trading volume and user demand, further driving the utility of these tokens, many of which offer unique in-platform advantages like reduced trading fees or daily dividends.

Premium: KuCoin Shares (KCS) May Benefit From Binance Coin’s Recent Surge

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.

 
Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts