BNB and HT on the Rise: Will OKB Pick Up the Baton?
Investors are starting to slowly warm up towards cryptocurrencies. Exchange coins like BNB and HT have secured walloping gains over the past months, which could help thaw out the crypto winter and make the crypto spring draw near.
The First Leg Run by Binance
At the very beginning of the new year, global crypto exchange giant Binance teamed up with TRON and BitTorrent to launch the token sale of the BitTorrent token (BTT) on Launchpad. Since then, a broad-based rally in exchange coins has kicked off.
Buoyed by multiple tailwinds, BTT and its successor Fetch.AI (FET) have become two powerful engines for the exchange, driving the price of Binance Coin fly even higher. The price of BNB has surged from $6.85 in early February to $15.3 at the moment, posting a year-to-date increase of more than 120%, according to data compiled by CoinMarketCap. Over the period, BNB has seen its market cap surging from $800 million to $2.15 billion, rising to become the seventh largest crypto asset at the moment.
Though BNB has not yet raked in large gains after the launch of the third token sale—known as Celer Network (CELR)—of the year, Binance’s journey is far from over.
Huobi Picks Up the Baton
To mirror the success of Binance and its Launchpad, Singapore-based exchange Huobi announced the launch of its token launching platform Huobi Prime on March 20.
According to an official announcement by Huobi Global, TOP Network (TOP) will serve as an inaugural project for Huobi’s token sale platform. The launch of TOP Network is scheduled for March 26, 2019.
“There will be three “Price Limit” rounds, each having 30 minutes and a price range (Highest tradable price). Users are able to trade in the pre-determined price range.”
Unlike Binance Launchpad, Huobi Prime allows users across the globe to invest without KYC, which is expected to increase the number of participators and shore up the popularity of the project.
Huobi, however, has set another limitation—users eligible to join Huobi Prime are required to have a daily average holding of 500HT during 30 days before Prime Trading. This move serves as a strong tailwind for the exchange coin, boosting the price of HT to a large extent. Data show that the price of HT rose from $2.19 to $2.72, posting a 24-hour gain of more than 24%.
It’s worth noting that the 500HT limitation is set to be waived for the upcoming launch of TOP Network.
As Cryptonews Hub previously reported, the crypto market has seen an increasing number of new arrivals seeking to jump on the IEO (Initial Exchange Offering) bandwagon in recent days.
On March 12, OKEx CEO Jay Hao announced on Chinese social media platform Weibo that the exchange is poised to launch its own token sale platform, dubbed “OK Jumpstart”, very soon.
It still remains to be seen whether OKEx can take the baton successfully and secure a strong rally in the days to come.