In the current bull run of the crypto market, centralized exchange tokens have shown diverse performances. Bitget Token has emerged as a star, reaching a record high of $3.9672 and surging over 545% from its yearly low, with a market cap exceeding $5.2 billion. Cronos, linked to Crypto.com, had a significant 20% jump on Dec. 17, valuing it at over $5.1 billion.
However, Binance Coin has been in a consolidation phase near its all-time high in recent weeks. Despite this, it has still achieved a 130% increase this year, outperforming many cryptocurrencies. Bitget Token and Cronos’ rallies are attributed to their growing trading volumes in the booming crypto industry. Binance leads the market share, trailed by Crypto.com. CoinGecko data shows Bitget as the ninth largest exchange with a 24-hour volume of $5.6 billion, while Crypto.com had $10.1 billion.
Bitget Token differs from Cronos and BNB. It offers holders perks like discounts, staking, and profit sharing, while Cronos and BNB power their respective layer-1 networks. Cronos has a rich ecosystem with platforms like VVS Finance and a TVL of over $610 million and a stablecoin market cap of $18.52 million. BNB powers the BNB Smart Chain with a TVL of over $5.86 billion.
These tokens are seen as proxies for their exchange performance, as most exchanges (except Coinbase) are not publicly traded. With Bitcoin hitting a record high of $108,000 and potentially soaring to $122,000 in this cycle, the rally may boost volumes for both centralized and decentralized exchanges, potentially keeping BGB, Cronos, and BNB prices on an upward trajectory this year.
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