Exchange tokens have been an exciting addition to the cryptocurrency industry. As there is a growing number of trading platforms, users can acquire these tokens for discounts, benefits, or speculative purposes. Unfortunately, it appears that the majority of exchange tokens is far removed from a new all-time high, with only a select few offering a glimpse of hope.
The Exchange Tokens Graveyard
While it is understandable that not all exchange tokens will be successful, far too many of them have fallen through in recent months. Although the recent market drop of over 50% for all crypto assets is problematic, things looked problematic for many exchange tokens ahead of that market correction. Most of them will not see a new all-time high soon, if ever.
Per Crypto Rank, some tokens are on a very slippery slope in recent months. Nearly 100 tokens are 75% removed from their ATH or worse. That is a substantial amount that will prove rather challenging to overcome. It is unfortunate to see such a strong market correction for these assets, yet it appears that most tokens tied to exchanges are losing traction during these uncertain times.
In this list of exchange tokens noting such a steep ATH deficit are prominent names. BakerySwap, MX Token, ZB Token, IDEX, Switcheo, LBank, Burger Swap, Mdex, Curve DAO, and Digitex Token are just some of the examples. Unfortunately for these tokens, the current price trend is not looking too favorably either. Some are moving up again, yet they still have a 90% deficit to their all-time high or worse. It is a very steep uphill battle for all of these assets.
Unfortunately, it does not appear as if the market momentum will turn around in the coming days or weeks. Even popular exchange tokens like BNB, FTT, OKB, UNI, and SUSHI show no immediate improvements. All tokens tied to exchanges or trading platforms are in the red and will likely remain there for some time to come. Significant market momentum is required to turn this ship around again.
Is The Hype Over?
Given the current market performance of exchange tokens, it’s not hard to see why one may think the hype surrounding these assets is over at this point. Of the 180 tracked tokens on CryptoRank, none of the established currencies is close to setting a new all-time high. There is one exception” HitBTC’s HIT token. However, that too may be a fluke, depending on what happens in the coming weeks and months.
When even the more significant tokens tied to exchanges, like BNB, FTT, and others, are not showing much upward momentum, things look rather bleak. It is usual for alternative markets to follow Bitcoin’s trend, yet it seems exchange tokens are incapable of doing so these days. Bitcoin recently noted a minor uptrend, yet these assets have not followed suit in any meaningful manner.
Investing in exchange tokens can be worthwhile at this time, even though it remains risky. The vast majority of these assets are miles from their all-time high. Only a few will set new highs over the coming months, whereas others will slip even further. The coming months will get interesting for assets tied to trading platforms.