TokenInsight published Crypto Exchange Token Tracker Aug 2023 to reflect how major exchange tokens have been doing. According to the report, under the circumstances where the market cap of exchange tokens dropped, MEXC's $MX and Bitget's $BGB are the best-performing exchange tokens so far this year.
The market cap of the top 10 exchange tokens surged from $50B at the beginning of the year to a peak of $65B, before quickly retreating to below $50B. As of August 20, the total market cap of exchange tokens was about $43B, which represents about 4% of the global crypto market cap, down 1% from 5% at the end of Q1.
Since the beginning of the year, $MX and $BGB recorded the largest price gains, up 234% and 134% respectively. OKX's $OKB increased 66.3% in price YTD, close to Bitcoin's return in 2023, while most exchange tokens underperformed compared to Bitcoin.
Binance's $BNB is still the largest exchange token. But affected by a series of regulatory events, its market cap dropped 15% from the beginning of the year, currently at $33B. Correspondingly, the market share of $BNB dropped from 82% to 77.5%. Among all the major exchange tokens, $HT experienced the steepest decline, with its market cap eroding by more than 50%.
To learn more about exchange tokens' performance, please read: Crypto Exchange Token Tracker Aug 2023
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