Tokens associated with cryptocurrency exchanges outperformed the larger market in September.
According to data from AltDex, a crypto index platform that monitors market activity using asset category benchmarks, exchange tokens collectively lost the least ground during the bearish month.
The AltDex Exchange Index (ALTEXC), a benchmark index for the industry’s leading exchange tokens, fell roughly 4.4% in September with tokens like Bitshares (BTS) and Waves (WAVES) finishing flat-to-positive to close out the month.
Over the same period, the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens, dropped more than 7%, driven by losses in Ethereum (ETH), Bitcoin (BTC), Bitcoin Cash (BCH) and Cardano (ADA).
Given that exchange tokens significantly underperformed the market over the previous 2 months, due in large part to falling trading volumes, it’s reasonable to assume that many of these coins were simply undersold and primed for a more substantial move upward.
Q4 of 2018 could see some significant fundamental drivers for crypto exchange tokens, with all eyes on Binance and its upcoming release a public beta for its upcoming decentralized exchange (DEX) built on the Binance Chain.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.