Cryptocurrency #exchange Binance, long known for the fact that listings on the platform have positively impacted coin and token values, is facing a change in market dynamics in 2024. New data from 0xScope shows that 87% of crypto assets added to Binance are now priced below the price on Day 1 of trading. Competition from other platforms such as OKX, Bybit and Upbit has had a noticeable impact on the performance of listings.
OKX, which has become the 2nd largest exchange in terms of trading volume, is performing better despite a similar number of new tokens to Binance. According to the data, about 35% of digital assets added in 2024 are above the initial price, while Binance is facing difficulties. This trend may be due to the fact that some tokens launched on Binance have already seen rapid growth on other platforms before being listed on the world's largest trading platform.
Bybit, which has opted for an aggressive strategy of adding many new tokens, is balancing high returns with risks. It has had more listings this year than all its competitors combined - 166 on the spot market and 144 on the futures market. While some of the assets have brought investors more than 100% returns, more than 60 digital currencies have fallen 75% of their initial value, creating risks.
Such data confirms that cryptocurrency listings are becoming less and less predictable, and their success depends not only on the reputation of the exchange, but also on a host of other market factors. Binance, OKX and Bybit are all striving to take a leading position in the market, but each is taking different approaches, affecting token dynamics and investor attitudes. These changes emphasize the need for users to be more careful about token selection.
