Token

Bitcoin

Bitget Token

Coin

According to a study done by TokenInsight, most exchange tokens underperformed compared to Bitcoin performance. 
Despite the growing popularity of crypto exchange tokens like Binance Coin (<a href="https://crypto.news/price/bnb/" target="_blank" rel="noreferrer noopener">BNB</a>) and Bitget Token (<a href="http://crypto.news/price/bitget/" target="_blank" rel="noreferrer noopener">BGB</a>), particularly amid the rise of decentralized finance and non-fungible tokens, Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) has proven to be a superior investment choice, analysts at TokenInsight revealed in a <a href="https://tokeninsight.com/en/research/reports/crypto-exchange-token-tracker-feb-2024?utm=g6s6crypto86dgnewsj89d" target="_blank" rel="noreferrer noopener">recent research report</a>. Yet, not all tokens demonstrate the same level of profitability, with some facing side effects due to regulatory pressure. 
<blockquote class="wp-block-quote"> 
 “Affected by regulations, BNB experienced a significant decline in the second half of 2023; However, it rebounded towards the end and surpassed last year’s all-time high at the beginning of 2024.” 
 TokenInsight 
</blockquote> 
According to the document, crypto exchange tokens collectively held a market cap of $68 billion as of February, accounting for 3.2% of the entire crypto market cap. However, this represents a slight decrease of approximately 0.3% compared to the end of 2023. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="575" src="https://crypto.news/app/uploads/2024/03/woiejroiwjer-1024x575.jpg" alt="Most crypto exchange tokens lag behind Bitcoin, data shows - 30" class="wp-image-14257550">
 <figcaption class="wp-element-caption">
 Exchange token’s price performance | Source: TokenInsight
 </figcaption>
</figure> 
With Bitcoin’s dominance in the market remaining evident, some crypto exchange tokens like BGB and MX Token (<a href="https://crypto.news/price/mx/" target="_blank" rel="noreferrer noopener">MX</a>) still managed to outperform it, witnessing gains of 434% and 248% respectively, TokenInsight’s data indicates. For comparison, Bitcoin soared by over 200% starting from early 2023, as per the report. Analysts added that HTX’s <a href="https://crypto.news/price/huobi/" target="_blank" rel="noreferrer noopener">HT</a> and OKX’s <a href="https://crypto.news/price/okb/" target="_blank" rel="noreferrer noopener">OKB</a> tokens are the “only two tokens whose market value has fallen, falling by 75% and 53% respectively from the beginning of 2023.” 
 Read more: <a href="https://crypto.news/hackers-spam-crypto-exchanges-with-fake-gala-tokens/"> Hackers spam crypto exchanges with fake GALA tokens </a>

Most crypto exchange tokens lag behind Bitcoin, data shows

crypto.news

Other articles published on Mar 12, 2024

Microsoft Unveils DirectX 12 Work Graphs: A Game-Changer for GPU Autonomy

Dubai police embrace Cardano blockchain for crime prevention

Bitcoin hits new all-time high at $73k

Former Binance CEO Ordered to Surrender Passport

Tweety the Looney Tunes Meme: The Innovative Crypto Project That's Making Investors Laugh

Coinbase Accuses SEC of Breaking Law in Crypto Rulemaking

Join our free newsletter for daily crypto updates!