Top 3 centralized exchange tokens to buy the dip in
Cryptocurrency companies have also suffered from the ongoing winter in the digital currencies industry continues. This explains why the Coinbase stock price has crashed by over 84% from its all-time high. Similarly, centralized exchange tokens (CET) have all retreated sharply in the past few months. Here are some of the best CET cryptocurrencies to buy.
FTX Token (FTT)
FTX is one of the biggest cryptocurrency exchanges in the world. It operates an international brand and a US-focused company. Combined, the two have been valued at over $30 billion by private investors. This makes it more valuable than Coinbase, which has a market cap of over $15 billion.
The FTX Token is the biggest centralized exchange token globally with a market cap of over $4 billion. The FTT token price has crashed by 64% from its highest level in 2021. With the company expanding to stocks trading, there is a possibility that the token will bounce back in the near term. This rebound will mostly happen when other cryptocurrencies start recovering.
OKX is a large company that provides a platform where people can buy and sell digital currencies. Like FTX, it most focuses on cryptocurrency derivatives, which have become even bigger than spot currencies. According to CoinMarketCap, it handles over $10 billion of cryptocurrencies every day. OKX also has features that let people buy and sell non-fungible tokens (NFT) and other DeFi platforms.
The OKB price has been in a strong bearish trend in the past few months as demand for cryptocurrencies has declined. Similarly, the overall volume of derivatives traded in the ecosystem has been in a downward trend. OKB is a good buy because of the overall market share of the company.
KuCoin Token (KCS)
KuCoin is another large cryptocurrency exchange that handles billions of dollars every day. Its KCS token has a market cap of more than $1.6 billion. Unlike other centralized exchange tokens, KCS has done relatively well in the past few days. It has risen by more than 45% from its lowest level in February.
The most recent catalyst for the KCS price was the large $150 million fund that the developers raised this month. They plan to use the funds to expand the ecosystem in areas like DeFi and the metaverse.
In addition to these three, the other top centralized exchange tokens are Huobi Token, Swissborg, and Gate.