In response to a examine achieved by TokenInsight, most trade tokens underperformed in comparison with Bitcoin efficiency.
Regardless of the rising reputation of crypto trade tokens like Binance Coin (BNB) and Bitget Token (BGB), significantly amid the rise of decentralized finance and non-fungible tokens, Bitcoin (BTC) has confirmed to be a superior funding selection, analysts at TokenInsight revealed in a recent research report. But, not all tokens show the identical stage of profitability, with some dealing with negative effects because of regulatory stress.
“Affected by rules, BNB skilled a big decline within the second half of 2023; Nevertheless, it rebounded in the direction of the tip and surpassed final 12 months’s all-time excessive initially of 2024.”
TokenInsight
In response to the doc, crypto trade tokens collectively held a market cap of $68 billion as of February, accounting for 3.2% of the complete crypto market cap. Nevertheless, this represents a slight lower of roughly 0.3% in comparison with the tip of 2023.
With Bitcoin’s dominance available in the market remaining evident, some crypto trade tokens like BGB and MX Token (MX) nonetheless managed to outperform it, witnessing features of 434% and 248% respectively, TokenInsight’s information signifies. For comparability, Bitcoin soared by over 200% ranging from early 2023, as per the report. Analysts added that HTX’s HT and OKX’s OKB tokens are the “solely two tokens whose market worth has fallen, falling by 75% and 53% respectively from the start of 2023.”