January… The performance of trading platforms’ cryptocurrencies outperforms the famous cryptocurrencies
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Answer January… The performance of trading platforms’ cryptocurrencies outperforms the famous cryptocurrencies
January was a special month for the performance of the cryptocurrencies of the trading platforms and even outperformed the performance of some famous cryptocurrencies.
Binance’s BNB has performed positively at the beginning of January 2020, as well as many other exchange-related cryptocurrencies as traders see them as the least risky option in the volatile crypto market.
Cryptocurrency exchanges lead the market
According to the site “cryptorank.io“Most of the cryptocurrency exchanges have posted double-digit gains in the last month.
The rally started at the beginning of January and continued to grow as if the momentum would not slow down this February.
BitMax coin “BTMX” gained 34.8% for the month of January, followed by Binance coin “BNB” which gained 31.39%.
Read:More than 1 million ETH burned after only 3 months of implementing the “EIP-1559” upgrade
The same was true for the “Gatechain Token” which rose by 25.73%, and “KCS” which rose by 25.32%, while the Huobi token “HT” also rose by 24.73%, as well as the case with the coin “OKB” which rose by 21.37%.
Even entering February, the momentum did not stop as the cryptocurrency exchanges continued to perform positively.
The increasing value of exchange exchange coins indicates the profound influence of exchanges on the entire market, and these exchanges tend to own large amounts of cryptocurrencies.
Where According to By some numbers published last month, Coinbase has a whopping 966,230 BTC worth of $7 billion in its cold wallet.
Thus, centralized platforms not only dominate the world of cryptocurrency trading, but also become the guardian of a large part of it.
Given that 2018 and 2019 were relatively bearish and the trading platform tokens are now in small market capitalization relative to their daily trading volume.
Traders are increasingly monitoring the price movements of digital tokens of trading platforms to gauge overall market sentiment.
If the trading volume increases, then the cryptocurrency of the exchanges tends to rise due to more activity on the exchanges.
Read:Ethereum daily transfer fee exceeds Bitcoin
BNB continues to lead other exchanges in terms of market capitalization, but it is still far from all-time highs.
BNB is currently trading at $18.33 and earlier reached around $39.90 in June 2019.
Read also:
Learn about the details of the burning process of Binance Coins (BNB) for the last quarter
After the BNB cryptocurrency burning… Find out about the profits of the Binance platform in the last quarter
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