Over the past few months, excitement has built around centralized cryptocurrency exchanges. The hubbub is over Coinbase's April 14 NASDAQ listing and its recent proclamation that it generated $1.8 billion in revenue during 2021's first quarter of business. DeFi has attracted a lot of investors and garnered a lot of media attention. Even so, high transaction costs and low liquidity have made a lot of traders stick with these exchanges. They like the security and low fees.
Bitcoin and some of the alt coins have captured a lot of attention lately. However, exchange tokens are achieving solid growth this year. Here's a look at some of them.
Binance Binance is the top option. Its token soared 875% since February 1. It has capitalized on low-cost transaction fees with BNB as a payment. The added functions delivered by BNB on DeFi make it a popular alternate investment. Data suggests that BNB will grow more as its platform expands. Ethereum's ongoing problems make BNB all the more desirable.
KuCoin This exchange was established in 2017 in the Seychelles Islands. It also started growing at a fast pace in February. It went up by almost 1,000%. It's growing on the DeFi platforms, and analysts have a bullish outlook for it.
FTT This is the native token for FTX derivatives. It began in May 2019. The Serum exchange has brought more attention to it. The FTT value has soared by 750%. It has a partnership with the NBA's Miami Heat team. Some analysts think that it's undervalued.
WazirX This exchange is based in India. It claims to be the growing faster than all other Indian exchanges. It's based on Binance. Its token has been moving slowly in 2021. Its price has only made a move for the better since April 1. Trading volume picked up in late March. An announcement about NFTs on April 5 seemed to light a fire under investors.
Overall, all of the CEX tokens are in a good position for additional growth for the rest of the month and possibly into May. Stable coins should also do well for investors.