Exchange Tokens Recover as Investors Pay Attention to Utility

　　The cryptocurrency ecosystem is gradually recovering, and while there is still some volatility in the market, exchange tokens are on a bullish roll as investors resume trading activities.

　　The market fell by more than $200 billion in a matter of days this week as every digital currency felt the repercussions of the Terra blockchain network's demise. According to CoinMarketCap data, the LUNA coin has lost 99 percent of its value, while the protocol's native token, UST, is currently changing hands at $0.1765 instead of $1.

　　The Performance of Exchange Tokens

　　Binance Coin (BNB), the cryptocurrency of the world's largest trading platform, is up 6.32 percent to $297.72, a major trading level given its recent drop to nearly a 12-month low of $216.32. Despite the widespread sell-offs, the coin remains the fifth-largest digital asset, with the USD Coin (USDC) overtaking it from fourth place.

　　FTT, the FTX Derivatives Exchange's native coin, is currently trading at $31.45, up 3.5 percent in the last 24 hours. KuCoin Token (KCS) is likewise experiencing a stunning price increase, surviving the same onslaught that its contemporaries did.

　　The cryptocurrency is up 11.34 percent to $13.57, representing a 52.53 percent increase from its all-time high (ATH) of $28.80.

　　The regeneration witnessed in these exchange tokens indicates that demand from traders is building up after many took a “wait and see” approach during the tremendous volatility that swept the ecosystem a few days ago.

　　Exchange tokens play an important part in the operation of their respective platforms, and unlike other tokens with less utility, their growth rates are expected to outpace those of other significant tokens in the medium to long term.

　　As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!

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