Exchange platform currency tracking report in February 2024

Source: Token Insight

Crypto Exchange platform currency, as the core of the Crypto asset trading platform, plays an important role in the Crypto industry. These platform coins are tokens used to participate in a specific exchange ecosystem, implying the development potential of the exchange itself and its ecosystem. This report aims to study the market value changes, trading volume changes, price trends, etc. of platform coins to gain an in-depth understanding of the market performance and potential opportunities of these platforms.

The market value of $BGB and $MX both increased by more than 100%; $HT and $OKB fell by more than 50%

On February 21, 2024, the market value of the Top 10 platform coins was approximately $68B, accounting for approximately 3.2% of the total market value of the Crypto market. This is a decrease of approximately 0.3% from the end of 2023.

$BNB  is still the platform currency with the largest market value, with its market value rising from a maximum of $39B in early 2023 to $54B in mid-April. However, in June, as the SEC filed a lawsuit against Binance, the market value of $BNB was also greatly affected and fell all the way. $BNB had a market cap of just $33B at the end of August, down 15% from the start of the year.

After November, with the increasing enthusiasm for market transactions, the market value of platform coins has increased significantly. Among them, $BGB  and $MX  saw the largest increases in market value during the time frame discussed in this report, at 434% and 248% respectively. $BNB’s market capitalization has also climbed back up again to near its peak in the middle of last year.

$HT  and $OKB  are the only tokens among the top 10 platform coins whose market value has fallen, falling by 75% and 53% respectively from the beginning of 2023.

$BNB’s trading volume share continues to remain stable at around 90%, and $BGB has become the second largest platform currency by trading volume

During the time frame discussed in this report, $BNB's trading volume accounted for approximately 90%, far exceeding the rest. Platform currency.

It is worth noting that $BGB’s trading volume has shown a clear upward trend, rising from about 0.5% in early 2023 to about 1.9% in February 2024, making it the second largest trading volume at present. Platform currency. In addition, $BGB also has a 1.5% increase in market capitalization share. $BGB is expected to continue this trend in the future and capture more platform currency market transaction shares.

So far in 2023, except for $BGB and $MX, the returns of most platform coins are not as good as $BTC

Since the beginning of 2023, the platform coins with the largest price increases are $BGB and $MX, with increases of 432.7% and 251.6 respectively. %.

The IEO projects launched by Binance have the best average ROI performance, and Bitget includes more market hot projects

During the time frame discussed in this report, Binance's IEO project had the best average ROI performance, with an ATH ROI as high as 36.9x.

However, it is important to note that Binance has only launched 3 IEO projects since 2023. In comparison, OKX and KuCoin have launched fewer projects, with only 1 and 2 projects launched respectively, and most of these projects are concentrated in the two tracks of infrastructure and Web3 services. Although the ROI of these IEO platforms is currently performing better, it is difficult for them to bring significant wealth effects due to low update frequency and limited track selection. Gate Although there are more choices, ROI performance is relatively average.

In comparison, Bitget's IEO platform is more balanced. The online projects cover GameFi, SocialFi, Metaverse and NFT, etc. These are all hot topics in the Crypto market recently. Coupled with the same impressive ROI performance, Bitget's IEO platform is more suitable for traders to track market hot spots and obtain higher returns from it.

Affected by regulation, $BNB fell significantly in the second half of 2023; however, it rebounded at the end of the year and surpassed last year's ATH in early 2024

The price of $BNB fell slightly by about 10% in a short period of time, and then quickly rebounded to above $300. Affected by the price fluctuation, the average daily trading volume of $BNB also increased rapidly within 24 hours, doubling (about $3.3B).

• On February 21, 2024, Binance Launchpool launched the popular GameFi project Portal.

The price of $BNB surged nearly 10% in 24 hours, soaring from $350 to a maximum of $385.

Bitget expanded aggressively in 2023; $BGB once again exceeded the historical ATH in February 2024, rising above $1

2023 is a year of rapid expansion for Bitget. The overall transaction volume has increased significantly, with spot transactions increasing by as much as 94%. At the same time, Bitget has also completed a number of important strategic investments and promotion activities, and has also made outstanding achievements in copy trading. These jointly promoted the increase in the price and trading volume of its platform currency $BGB:

• In early February 2023, affected by the overall upward trend of the Crypto market, $BGB price doubled (from $0.2 to $0.4).

• At the end of 2023, the price of $BGB rose again, reaching a maximum of $0.66, a year-on-year increase of nearly 230%.

• In 2024, $BGB continued last year’s gains, breaking through the ATH price and rising above $1 for the first time on February 17.

In terms of transaction volume, the transaction volume of $BGB will be basically stable between 15-20M in 2023, which is relatively stable. By 2024, as the price of $BGB exceeded the $1 mark, $BGB transaction volume also surged to more than $50M. The highest daily trading volume occurred on February 18th, with $83M traded that day.