Crypto Exchange Tokens Surge to Start the Month
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%.
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.
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.