Exchange Tokens Doubled in Price with Three Enter the Top30 Crypto List in China
Over the past three months, exchange tokens in China have doubled in price. What’s more, three major exchange tokens include LEO, HT, BNB have entered the Top30 crypto list.
Among them, OKB has the highest increase of 200% since June. Emerging exchanges MXC plagued by moral accusations, but its exchange token MXC has strong performance, rising nearly 150% since June, equivalent to a 2.5-fold increase. LEO, exchange token of Bitfinex has risen by about 146% since June, equivalent to a 2.46-fold increase soon after issuance. Even GT, which came online at the end of August, has risen 32% within a week. Exchange tokens stand out while crypto market violates.
However, the average daily price volatility of the exchange tokens in the past 30 days is about 7%, which is higher than 5% of the mainstream crypto. MXC has the highest daily volatility of 12.68%, while daily volatility of BIX, GT and OKB is also higher than 7%. But BNB and HT are lower than 4.5%, both of which are lower than the average level of mainstream crypto.
Over the past 30 days, BNB had a daily trading volume of $220 million, much higher than other exchange token. Besides, OKB had daily trading volume of about $123 million, HT of about $76.36 million and ZB of about $68.72 million. MXC token is advanced in price increase, but its daily volatility is the highest and the daily average trading volume is the lowest. It remains to be seen whether high price without volume support can go forward in the long run.
There is no correlation between the price of BNB, HT, OKB and the trading volume of their IEO tokens, respectively. That means the rise in price of HT is more likely to be related to commercial reputation or token models. For BNB and OK, the rise in their prices is not related to the performance (trading volume) created by IEO tokens, but to the trading volume of exchange tokens.
Ten major exchange tokens, except BTMX, are circulated on exchanges other than own exchanges and with multiple trading pairs. Among them, BNB has the best Liquidity with 33 exchanges and 231 trading pairs in circulation.