Impressed With BNB Rally? These CEX Tokens Jumped Even More
In the past seven days, several centralized exchange (CEX) tokens got ahead of binance boin (BNB), the native token of the major crypto exchange Binance – but their trading volumes are much smaller when compared to Binance’s giant.
Source: Adobe/Suppachok N
According to Coingecko, at 10:00 UTC on Monday, BNB stood on the 10th place per appreciation in the past week, having gone up almost 70% in that period of time. In the last 24 hours alone, it’s up 26%, and is now trading at the price of USD 592.5.
The coins rank as follows:
- Hotbit Token (HTB), up 379%, trading at 0.08.
- Nominex (NMX), up 171%, trading at USD 7.88
- KuCoin Token (KCS), up 149%, trading at USD 18.49
- Bilaxy Token (BIA), up 112%, trading at USD 0.036
- AAX Token (AAB), up 106.5%, trading at USD 0.43
- MX Token (MX), up 99.5%, trading at USD 1.36
- Wootrade Network (WOO), up 93%, trading at USD 0.94
- LATOKEN (LA), up 90%, trading at USD 0.32
- GateToken (GT), up 81%, now trading at USD 4.23
Notably, all these coins have much lower trading volumes when compared to BNB. Per Coingecko, Binance is the world’s largest crypto exchange by volume, with the 24h trading volume of 38.8bn. BNB’s lowest recorded volume in the last seven days was more than USD 3bn, and the highest USD 7.9bn.
In comparison, among the listed coins, the highest volume in this period was recorded by MX Token, at USD 263.5m on April 12.
“Most of the CEX tokens have reached new all-time highs in Q1 as both trading volume and number of active users keep growing in 2021,” ICO Analytics recently noted.
The top 3
As seen from the list, the top 3 coins are a part of Hotbit exchanges, Nominex, KuCoin, respectively.
Kucoin Shares rebranded to Kucoin Token, in January, changing the contract address. The coin has seen quite a jump since March 31 from the price of USD 5 – going up 269% since then. Its trading volume in the past week moved between USD 30m and USD 199m.
KuCoin completed the scheduled spot and futures trading system upgrade on April 6. On April 2, they announced that the test network Kratos beta for KuCoin Community Chain (KCC) – a decentralized public chain based on Ethereum (ETH) and built by KuCoin for all community users – came to a close. They decided to convert KuChain Test Network Kratos’ token to KCS at a rate of 200:1 as a reward for the community users who participated in the test.
Nominex started its current increase on April 4, rising 188% between USD 2.74 on that day and now. Its volume is substantially smaller that KCS’s, recoding numbers between USD 159,778 and USD 1.46m. Notably, this highest number was recorded on April 12, and is nearly 137% higher than the second-highest volume recorded in that period of time.
Stating “if you can’t beat them, join them,” Nominex said on April 5 that they joined the Binance broker program. Users will be able to utilize all the Binance tools, but through the Nominex website, they said, with the transactions done on the Binance platform, and user funds stored in Binance wallets. They can also trade all pairs available on Binance.
Hotbit Token is the latest among the three to see an abrupt jump, starting with April 9 and gaining additional momentum the following day. It appreciated 325% in three days alone. HTB’s lowest recorded volume in the past week was USD 51,338, and the highest USD 6m.
On April 9, Hotbit announced that they were in the midst of what they described as a “crucial” upgrade, consisting of “a huge amount of upgrades on Hotbit’s underlying system as well as optimization on each asset.” In the same post, they said that the exchange has experienced “a huge influx of new users” within the last few months, and that it supports the trading function of more than 1,300 assets. Hotbit decided to provide all users with a free 14-day, high VIP6 level membership after resuming all functions.
As for Binance, they’ve announced today the official launch of their zero-commission, tradable stock tokens, allowing the users to trade fractional stocks – with the first Binance Stock Token to be listed is Tesla.
CEO Changpeng Zhao recently said that they plan to do between 20 and 30 acquisitions a year. In the meantime, as reported, Binance is being investigated by the US Commodity Futures Trading Commission over concerns that it allowed Americans to place wagers that violated US rules.
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