Top 3 Centralized Exchange Tokens to Buy Dip In
Cryptocurrency companies have also faced an ongoing winter in the digital currency industry. This explains why the Coinbase stock price is down more than 84% from its all-time high. Similarly, centralized exchange tokens (CETs) have all but retreated sharply over the past few months. Here are some of the best CET cryptocurrencies to buy.
FTX Token (FTT)
FTX is one of the largest cryptocurrency exchanges in the world. It operates an international brand and a US-focused company. Combined, the two are valued at over $30 billion by private investors. This makes it more valuable than Coinbase, which has a market capitalization of over $15 billion.
The FTX token is the largest centralized exchange token globally with a market cap of over $4 billion. The price of the FTT token is down 64% from its 2021 high. With the company expanding into stock trading, there is a possibility that the coin will return in the near term. This rally will mostly happen when other cryptocurrencies start to recover.
OKX is a large company that provides a platform where people can buy and sell digital currencies. Like FTX, it is most focused on cryptocurrency derivatives, which have grown even larger than spot currencies. According to CoinMarketCap, it handles over $10 billion worth of cryptocurrencies every day. OKX also has features that allow people to buy and sell non-fungible tokens (NFTs) and other DeFi platforms.
OKB price has been in a strong bearish trend over the past few months as demand for the cryptocurrency has declined. Similarly, there has been a declining trend in the total volume of derivatives traded in the ecosystem. OKB is a good buy because of the company’s overall market share.
KuCoin Token (KCS)
KuCoin is another large cryptocurrency exchange that handles billions of dollars every day. Its KCS token has a market cap of over $1.6 billion. Unlike other centralized exchange tokens, KCS has performed relatively well over the past few days. It has risen more than 45% from its lowest level in February.
The most recent catalyst for the KCS value was the massive $150 million fund that the developers raised this month. They plan to use the funds to expand the ecosystem in areas such as DeFi and Metaverse.
Apart from these three, other top centralized exchange tokens are Huobi Token, Swissborg and Gate.