Cryptocurrencies have reached a combined market cap of $2 trillion this bull season making them a viable investment vehicle even in the traditional markets. The rising adoption of cryptocurrencies has skyrocketed the demand for crypto service providers especially the likes of top crypto exchanges such as Coinbase, Binance, and Huobi. With rising demand for these crypto platforms, their native exchange tokens have also seen a significant surge in their price and demand.
Binance, the leading cryptocurrency exchange by trading volume is one of the most recognized crypto exchanges and this bull seasons its native chain Binance Smart Chain (BSC) and native exchange token Binance Coin (BNB) has exploded to new highs. BNB token has continued its mammoth rise starting towards the end of February and registered a new ATH of $356.78.
Huobi exchange’s native token HT has also surged to a new ATH of $26.31 towards the end of February and currently trading at $16.86 rising 10% in the wake of Coinbase direct listing approval on April 14. Apart from the native exchange tokens price surge, many crypto companies have used the mainstream glare this bull season to go public including the likes of Coinbase, Bakkt, and few other crypto mining farms.
This bull season has not just been about Bitcoin’s price rise and alt season, it has been the season of crypto going mainstream. This in turn has helped many top crypto companies to nearly double their valuation from last year. For example, Coinbase is making its public debut at over $100 billion valuations. Many Crypto startups including the likes of BlockFi and Chainalyis raised their highest capital in their latest investment round, taking their overall valuation into billions.
Apart from the rising valuation of crypto companies and their respective tokens, many mainstream financial giants including the likes of PayPal, VISA, Morgan Stanley, Goldman Sachs and JP Morgan who only a year ago were not sure about Bitcoin’s financial use are rushing to add Bitcoin exposure to their clients.
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