Exchange tokens Bitget, and Cronos surge as BNB price lags

Centralized exchange tokens have been performing well and many have experienced a strong increase in volume amid the ongoing bull run.

Bitget Token (BGB) emerged as the best-performing CEX token, jumping to a record high of $3.9672. It has reached a market capitalization of over $5.2 billion, up more than 545% from this year’s lows.

Crypto.com’s Cronos (CRO) rose over 20% on December 17, gaining over $5.1 billion in value.

The Binance Coin (BNB) token has remained in a consolidation phase at an all-time high for the last few weeks. It has outperformed most cryptocurrencies, rising 130% this year. As we recently wrote, Binance Coin has strong technicals that could push it towards $1,100 in the near term.

Bitget Token and Cronos have rebounded due to their increasing volumes along with the growth of the crypto industry. Binance maintains its leading market share, followed by Crypto.com.

According to CoinGecko, Bitget has become the ninth largest exchange in the industry. It managed $5.6 billion in crypto volume in the last 24 hours, while Crypto.com’s volume was $10.1 billion.

Bitget Token is different from BNB and Cronos

Bitget Token is significantly different from Cronos and BNB. It is a CEX token that gives its holders privileges such as discounts, staking and profit sharing.

CRO and BNB, on the other hand, power their respective layer-1 networks. It has a vibrant ecosystem that includes popular platforms such as Cronos, VVS Finance, Tectonic, Orby Network and Veno Finance. Its total value locked is over $610 million, while the stablecoin market cap is $18.52 million. BNB powers the BNB Smart Chain, which has a TVL of over $5.86 billion.

These tokens are generally seen as a good indicator of the performance of CEX exchanges. This is because none of them are publicly traded except Coinbase. Coinbase shares are up over 110% over the past 12 months as its volume has increased.

With the rise of cryptocurrencies, BGB, Cronos and BNB prices may continue to perform well this year. Bitcoin has already jumped to a record high of $108,000, and our analysis has shown that it could soon rise to $122,000 this cycle. This rise could bring more volume to centralized and decentralized exchanges.