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Cryptocurrency exchange platform tokens, as the core of cryptocurrency asset trading platforms, play an important role in the cryptocurrency industry. These platform tokens serve as passes to participate in the ecosystem of specific exchanges, implying the development potential of the exchanges themselves and their ecosystems. This TokenInsight report aims to study the market capitalization changes, trading volume changes, price trends, etc. of platform tokens in order to gain a deep understanding of the market performance and potential opportunities of these platforms.
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BGB’s market capitalization increases by more than 100% on average
BGB becomes the second largest platform token in terms of trading volume
Average ROI performance of IEO projects
$BGB breaks historical ATH again in February and rises above $1
BGB’s market capitalization increases by more than 100% on average
On February 21, 2024, the top 10 platform tokens had a market capitalization of approximately $68 billion, accounting for about 3.2% of the total market capitalization of the cryptocurrency market, a decrease of about 0.3% compared to the end of 2023. Within the timeframe discussed in this report, Bitget’s platform token $BGB and $MX had the highest increase in market capitalization, reaching 434% and 248% respectively.
BGB becomes the second largest platform token in terms of trading volume
Within the timeframe discussed in this report, the proportion of $BGB’s trading volume showed a significant upward trend, increasing from about 0.5% in early 2023 to about 1.9% in February 2024, making it the second largest platform token in terms of trading volume. Coupled with a 1.5% increase in market capitalization share, $BGB is expected to continue this trend in the future and capture more market share in the platform token market.
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Average ROI performance of IEO projects
Within the timeframe discussed in this report, Binance’s IEO projects had the best average ROI performance, with an ATH ROI of up to 36.9x. However, it is important to note that since 2023, Binance has only launched 3 IEO projects. In comparison, OKX and KuCoin have launched fewer projects, with only 1 and 2 projects respectively, mostly focusing on the infrastructure and Web3 services sectors. Although these IEO platforms currently perform well in terms of ROI, their relatively low update frequency and limited choice of sectors make it difficult for them to bring significant wealth effects.
In contrast, Bitget’s IEO platform is more balanced. The launched projects cover multiple fields such as GameFi, SocialFi, metaverse, and NFT, which are currently hot topics in the cryptocurrency market. Combined with equally impressive ROI performance, Bitget’s IEO platform is more suitable for traders to track market trends and achieve higher returns.
$BGB breaks historical ATH again in February and rises above $1
2023 was a year of rapid expansion for Bitget, with a significant increase in overall trading volume, with spot trading volume increasing by as much as 94%. At the same time, Bitget has also completed several important strategic investments and promotional activities, and has achieved excellent results in copy trading. These factors have collectively driven the increase in the price and trading volume of its platform token $BGB:
In early February 2023, influenced by the overall upward trend of the cryptocurrency market, the price of $BGB doubled from $0.2 to $0.4.
At the end of 2023, the price of $BGB rose again, reaching a high of $0.66, with a yearly increase of nearly 230%.
In 2024, $BGB continued its upward trend from the previous year and broke through the ATH price, rising above $1 for the first time on February 17.
In terms of trading volume, in 2023, $BGB’s trading volume remained relatively stable between 15-20 million, showing a relatively stable trend. By 2024, with $BGB’s price breaking the $1 mark, the trading volume of $BGB also surged to over $50 million. The highest daily trading volume occurred on February 18, with a volume of $83 million.
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