BNB Is Not The Only Star Performer In The Sector
The recent surge of BNB has been heavily associated with the rise of DeFi on the Binance Smart Chain. This is very much the case but there are other reasons that are pushing up the price of BNB. In the peak of the 2017 bull market, Binance saw a spike of 300K new registrations per day. This was however a spike and not the case for daily registrations as a whole. Currently, Binance has averaged that number on an ongoing daily basis and on an occasion experience numbers in excess of this. New users also look to purchase BNB in order to reduce trading fees, as well as operate in other Binance opportunities that come and go with high frequency.
This dynamic is not exclusive to Binance and can be seen playing out on other exchanges. A dynamic that I mentioned to my readers back in early 2020 in a number of posts such as, "BitMax Rewards System - Lock Up Your BTMX Tokens!". It makes logical sense that trading volumes on exchanges will surge in a bull market and simultaneously increase the value of the native tokens associated with these exchanges. One of the exchanges that I chose to invest in was BitMax.
BitMax Returns Compounded By Divs
One of the reasons behind this move was that as I waited for price appreciation, I was earning dividends on a daily basis. Back when I introduced my readers to BTMX, it was trading at approximately $0.03 and recently hit a local high of $1.26! One of the reasons that made this such a powerful move was that I reinvested my dividends back into BTMX. In a similar way that users can convert dust into BNB on Binance, users can convert dividend earnings into BTMX. So my initial investment enabled me to continue buying more BTMX without actually paying for them.
I am currently not buying more at these prices but will once again purchase in the event of severe corrections only. It is always wise to have numerous opportunities that you can utilize when the market takes an unexpected turn for the worse. BTMX has been a really good move for me and perhaps others.
FTX Surges From A $1 Base
The FTX token listed at approximately $1 in 2019 and has reached a local top of $38.76 quite recently. There have been a number of exchange tokens that have performed very well in this bull market so far but these two really stand out for me. OKB seems to have under performed in relation but I have never been a fan, so I am not too concerned.
Even with the rise of DEX's, new retail money will ultimately head over to centralized exchanges and what we are seeing is the impact of this dynamic playing out in the price action of these exchange tokens.