Centralized exchange tokens are doing well as most experienced a strong surge in volume amid the ongoing bull run.
Bitget Token (BGB) has emerged as the best-performing CEX token as it jumped to a record high of $3.9672. It has soared by more than 545% from its lowest level this year, giving it a market cap of over $5.2 billion.
Cronos (CRO), which is associated with Crypto.com, rose by over 20% on Dec. 17, valuing it at over $5.1 billion.
Binance Coin (BNB) token, on the other hand, has remained in a consolidation phase at its all-time high in the past few weeks. It has risen by 130% this year, outperforming most cryptocurrencies. As we wrote recently, Binance Coin has strong technicals that could push it to $1,100 in the near term.
Bitget Token and Cronos have rallied because of their rising volumes as the crypto industry booms. Binance maintains a leading market share and is followed by Crypto.com.
According to CoinGecko, Bitget has become the ninth largest exchange in the industry. It handled crypto volume worth $5.6 billion in the last 24 hours, while Crypto.com had a volume of $10.1 billion.
Bitget Token is different from BNB and Cronos
Bitget Token is significantly different from Cronos and BNB. It is a CEX token that gives holders privileges like discounts, staking, and profit sharing.
CRO and BNB, on the other hand, power their respective layer-1 networks. Cronos has a vibrant ecosystem that includes popular platforms like VVS Finance, Tectonic, Orby Network, and Veno Finance. Its total value locked stands at over $610 million, while its stablecoin market cap is $18.52 million. BNB, on the other hand, powers the BNB Smart Chain, which has a TVL of over $5.86 billion.
These tokens are often seen as a good proxy of the performance of their CEX exchanges. That’s because all of them, except Coinbase, are not publicly traded. Coinbase shares have jumped by over 110% in the past 12 months as its volume rose.
BGB, Cronos, and BNB prices may continue doing well this year as cryptocurrencies rally. Bitcoin has already jumped to a record high of $108,000, and our analysis showed that it may soon soar to $122,000 in this cycle. This rally may bring in more volume to centralized and decentralized exchanges.
