Can 2019 get any more bullish?
Price-performance, public sentiment, and exchange volume are all on the up-and-up in the cryptocurrency world, with Bitcoin spearheading that green wave with a 200 percent price rise. Given the fact that this BTC bull run has ensconced this past quarter, a lot of notable isolated success stories have been left in the shadows. One among them is the performance of exchange tokens.
Two exchange tokens have out-shined Bitcoin, in terms of year-to-date [YTD] price performance. Binance Coin [BNB] and Huobi Token [HT], the native tokens of Binance and Huobi, recorded a mammoth 379 percent and 292 percent rise, according to a report by Longhash, citing data from Messari’s OnChain FX.
Kucoin, the other Singapore-based exchange, saw its native token Kucoin Shares [KCS] soar by 142 percent since January, 2019. The exchange token trio have outperformed major heavyweight cryptocurrencies like XRP, Ethereum [ETH], and Bitcoin Cash [BCH].
Binance Coin is the second-highest cryptocurrency on the market, in terms of YTD pump, when data from OnChain FX’s liquid market cap was analyzed. The only cryptocurrency to have beaten BNB was ChainLink [LINK], which rose by over 1000 percent in the past 6 months, owing to bullish news from Google and Coinbase.
One of the key similarities for the rallying price of the aforementioned exchange tokens was the “rewards” that the exchanges offer for native token usage. BNB and HT hodlers can avail fee discounts, while KCS investors are paid a dividend based on the transaction fee.
Further, Longhash stated that the two highest-performing tokens, BNB and HT, each have “token destruction schemes” that decrease the total number of tokens present and trading over time, which allows the exchange to control supply,