- Despite bitcoin plateauing in 2019, exchange tokens are greatly outperforming the market
- Together, they now have a market cap of nearly $3.6 billion; more than 5% of bitcoin’s market cap
- While BNB has seen constant growth since the beginning of 2019, other exchange tokens suddenly exploded in the first week of March
- In terms of market cap and liquidity, BNB is unsurprisingly dominating the other exchange tokens
- The increase in prices of non-BNB doesn’t seem connected to any event but rather appears mostly speculative
Despite the price of bitcoin staying relatively level in 2019, the exchange tokens are greatly outperforming the market, growing 225% on average from the beginning of the year.
Virtually all Asian exchanges have issued their own token which gives holders certain advantages. Exchanges based in the U.S. and Europe have so far avoided the Asian trend; perhaps over concerns regulators would consider the exchange tokens securities.