The Coinmarketcap 2019 Report Shows that Cryptocurrency Exchange Tokens Like Binance Coin (BNB) Outperformed Bitcoin in 2019.
Coinmarketcap 2019 Report Shows Exchange Tokens Like BNB Outperformed Bitcoin in 2019.
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The new coinmarketcap 2019 report was released by Coinmarketcap, the world top cryptocurrency ranking website on the 9th of January 2020. The report covers different market activities recorded in the cryptocurrency market for the year 2019.
The 2019 cryptocurrency market closed with a total market capitalization of $193 billion while it saw a higher market capitalization of $366 billion in the first quarter of the year 2019. Bitcoin still share the highest market capitalization of over 60 percent of the total market capitalization.
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On the section three of the coinmarketcap 2019 report : Price Performance of Bitcoin against Other Cryptocurrency Assets (by Category). BNB outperformed other exchange coins including: HT, LEO, ZB and FTT.
Exchange tokens performed relatively well in 2019. Binance Coin (BNB) increased +117 percent reaching a flashing rise of +500 percent at the top of the bull market.
Meanwhile, the price increase was recorded for a short period of time and prices retraced significantly to the general cryptocurrency market position.
Moreso, some factors might have caused the notable positive performance of the top exchange tokens like BNB and HT. Aside using the tokens for paying market fees on these exchanges, some of them like BNB is building more use cases like using BNB for payment of services and other bills.
From the coinmarketcap 2019 report, Huobi Token (+144%) also outperformed BTC alongside LEO (-18%) and FTT (+19%). LEO and FTT were two newly launched exchange tokens in 2019.
LEO launched during the bull market in second quarter of 2019 and it almost doubled in value within one month. After the meteoric rise, the token has since went down below its ICO price ($1). The token closed the year on a back foot.
According to the coinmarketcap 2019 report, aside BNB and other exchange tokens, smart contract tokens like Tezos (XTZ) and privacy coins like Monero (XMR) outperformed bitcoin in 2019.