Hi everyone, I’m here again to spread some good news in the crypto market that maybe many of us might have not taken notice about. If we check generally, l can say the month of February had being a great month for bitcoin and its other alternative coins as many institutional investors are now discovering the potentials in the various crypto currencies. Exchange tokens have also performed very well in this bullish run with their leader as the BNB coin followed closely by UNI, HT, and the OKB. Increased trading volumes, innovative projects and DeFi integration have helped these exchange tokens soar in value this 2021. Now let’s look at them one after the other.
The BNB Coin
The binance coin is the biggest cryptocurrency exchange token as at now. The coin is now with a market cap of about $39.5 billion and currently ranked as the third cryptocurrency based on market cap. In the current bull run, trading activities surges and the binance platform has also benefited from this. This clearly shows a sign of good business is when it adapts to the changing landscape. When DeFi boom happened, binance was quick to jump in and also supported many of the DeFi projects with lastest one l wrote about HERE which was about them giving $2.4M to Plasm Network, a Polkadot based smart contract platform.
Another factor that led to the success of the BNB coin is the introduction of the binance smart chain which was around December 2019. The binance smart chain has so far been a possible substitute for the Ethereum network that is facing issues with high transaction fee. The binance smart chain has grown in popularity just a few years later after its lunch and now the total value locked on the network has risen over $10 billion according to data from Defistation. The binance ecosystem has also reduced transaction cost from 15 Gwei to 10 Gwei there by attracting more customers to their ecosystem.
We can see recently the BNB coin investors have made a lot of profit from their holdings and I can say if the binance ecosystem continues its hard work like this, the coin can still go more higher than we might expect in the future. But for now I think the coin might take a corrective step as always expected after every bullish run and those that might still want to invest, l suggest they wait after the coin has regained strength for the next bullish run.
The Uniswap Token.
The Uniswap token is the official coin for the utmost decentralized crypto currency exchange Uniswap. The Uniswap exchange allows its users to swap their ERC-20 tokens easily without passing through any middle man or difficulties. The decentralized exchange was founded by Hayden Adams in November 2018 with its protocols existing in the form of two smart contracts hosted on the Ethereum blockchain.
The Uniswap coin entered the crypto market on 17th September last year with a trading price of $2.9 according to coinmarketcap. The price drastically surged to about $6.9 in two days after it entered the market and started listing on many exchanges but plunged back to $2.57 by early October last year. By the end of the year, Uniswap Token was trading $4 and entered with that range into 2021. Just in the 2021 bullish run, UNI started to recover as the trend started moving up until now in which a token is trading around $27.
We expect that with improvement in its protocol, the Uniswap Token price might consistently rise in the coming years and maybe a token by the end of the year would be trading above $50 when improvements are made in the protocol especially like l said earlier. This suggest Uniswap Token is also very good and I suggest those of us holding some should still HODL for the brighter future ahead.
The Huobi Token.
The Huobi Token has also benefited the Huobi global trading platform during this current crypto bull run and its market cap has also increased over $3.5 billion. During the strong bull phase, Huobi global traders use leverage and borrow money to trade and this was a motivational factor the platform provided for its traders. Huobi's launch of crypto loans around January 5 this year with up to 50% discount which expired on February 3rd might have also been a factor that encourages users to the platform and further to the adoption of the token. There are also some possible factors that could have been the reason why the Huobi Token surged in value in this period and some sources also think it was because the platform lunched its own blockchain called the Huobi Ecochain around December last year and further partned with Kava Labs to expand its users access to the Kava ecosystem.
As at now the Huobi Token is currently trading around $22 with about 83% for the past seven days and about 180% increase for the past four weeks. Huobi is a very good developing ecosystem and l believe if their hard work still continues, their token one day might go higher like that of binance coin.
The Okex Token.
The Okex platform actually was struggling in late last year and that affected their user based especially when they suspended withdrawals for that while. But from then the management of the platform l must say did a lot of hard work to be on their feet again and their token also surged in this year. The exchange also launched the OKExChain mainnet on 31st December last year, offering an opportunity for the early adopters to earn about 10 million OKT tokens as rewards.
As at now, the OKT token is trading at $15 each and has about 77% increase for the past seven days and about 166% for the fourteen days. With these signs and the current development still undergoing on the OKExChain, l think this token can also cross at least $30 before mid-year or at the end of the year.
Apart from these l just talked about, there are still many other crypto currency exchange tokens with great potentials and l must say that the progress of these exchange tokens are always based mainly on the hard work of the exchange in particular but l see all the successful exchanges tokens worth it one day. Please, don’t take only my article into consideration, do some more research and if you are comfortable, try to still keep the ones you have or better still get some into your portfolio before they turn out like BNB.
I will use this opportunity again to conclude my article and again thank all my readers and all the members of Publish0x for supporting me to this far. I would also appreciate any advice from any member concerning my piece l just wrote so that l improve upon my writing on the next articles.
Thank you all for reading my piece and remember to stay safe in this era of the pandemic…
Have a nice day.