Top cryptocurrency exchanges, including OKEx (OKB), Huobi (HT) and Binance (BNB) have experience massive gains over the past few days despite the slight blip in Bitcoin (BTC)’s price, seeing a dip to sub-$10,000 levels. While each of the mentioned exchanges has experienced a major event during this period, there seems to be an increased interest in exchange token market.
In this article we look at the possible causes that have caused the spike in HT, OKB and BNB, which have registered returns of 17.61%, 44.77%, and 7.7% respectively.
Huobi Token (HT) and OKEx Coin (OKB) boost in an “exchange run”
In the past 24 hours, exchange tokens have been on a massive uptrend even as the market witnesses a bearish reversal following Bitcoin’s drop below $10,000 USD. OKB rose the highest across the top 50 tokens hitting an intraday high of $5.00 USD, representing over 50% in a day shortly following its launch.
Huobi Token (HT) ranked as the second highest exchange token gaining over 17%, with Binance Coin (BNB), which has witnessed a sustained growth over the psychological resistance at $25 USD in the past week, grew by 7.7% in the past 24 hours.
The rocket boost in exchange token is quite surprising given the bear reversal across most altcoins in the market.
While each of the exchanges have introduced new products on their platforms, could there be a reason in the coordinated spike across exchange tokens?
Why are exchange tokens on a spike?
As mentioned above each of the exchanges has had its developments over the past few days with low volumes of trades on major pairs the only common factors.
Huobi exchange launched its Huobi Testnet and a slew of new rules to govern a strategic layout on Huobi Chain.
“Huobi Chain Testnet will be launched in the near future. As the core asset of Huobi’s eco-system, Huobi Token (HT) will form a new strategic layout in conjunction with the upcoming Huobi Chain and new rules.”
Notwithstanding, over 1,000,000 HT tokens have been minted on the exchange. Could this be a further boost on the token?
💵 1,000,000 #HUSD (1,000,000 USD) minted at Huobi
— Whale Alert (@whale_alert) February 10, 2020
OKEx’s token, OKB, was launched in a running market after the exchange announced OKChain and its decentralized exchange, OKDEx. The Twitter post further reads,
“$OKT will be the native token of OKChain, 100% of the genesis block will be mapped to $OKB holders.”
BNB has been on an upward roll in the last few days and the announcement of the “Binance Cloud” coupled with the launch of Binance Coin Futures has pushed the volumes higher signaling a possible continuation of the bullish trend.
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Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.