The best cryptocurrencies to invest in the exchange sector

The best cryptocurrencies to invest in the exchange sector
фото показано с : invezz.com

2021-6-2 21:14

The exchange industry is quite possibly one of the most important industries within the crypto world due to the fact that it allows anyone to buy, sell or exchange tokens. These platforms are essentially the main way through which each of us interacts with the blockchain.

Exchanges need to have liquidity, and they need to offer a lot of services as well as unique features in order to stand out. However, there are services out there that bring innovation to the table that bring this to a whole new level.

That being the case, we will be discussing Bancor BNT/USD and Mdex MDX/USD.

Should you buy Bancor?

The Bancor protocol makes it effortless as well as quick to convert tokens without the need to go through an exchange. In fact, the protocol’s smart contracts manage the liquidity pools which connect various tokens available on the network.

On June 1, BNT had a value of $4.74. On May 1, the value was at $7.09. This means that it is now 33.15% cheaper to buy.

Even if we go further back, the value of it was $5.44 as of March 1. This makes it still 12.87% less valuable than it was at this time.

However, at the start of the year, it started off on January 1 with a value of $1.28 and has seen no drops to that point. This means that it has increased by 270% for the people that purchased it at this point in time.

Should you buy Mdex?

Mdex is an automated market maker (AMM) decentralized exchange protocol that operates on the concept of fund pools, which shares some similarities with a standard DEx however, it uses a dual-chain model modeled on Ethereum and the Huobi Ecological Chain (HECO) which allows it to benefit from the low-transaction fees found in HECO and the deep liquidity of Ethereum.

On June 1, MDX had a value of $2.20. However, on May 1, its value was at $3.40. This makes it 35.29% cheaper now than it was in May.

On February the 21, it had one of its highest points at $9.35. This means that it fell in value by 76.47% since February.

When it launched in January, the token price fluctuated around the $3 mark as-well, with it getting up to $3.30 on January the 31. In other words, even at the very start, it was 33.33% more valuable.

Investing in the future of token exchanges

With BNT having a value of $4.74, and MDX having a value of $2.20, they are at some of their lowest points in terms of value.

This means that they might be worthy investments for the long term, as these coins have slowly started climbing the coin-ladder in terms of market cap.

If you can get BNT at $4.74 or lower, get it while it’s still low, however, if you start seeing it under $4, then it might not be the wisest investment. 

MDX at $2.20 is definitely worth it since it’s a young project that only launched in January of 2021, and has the biggest potential to grow, however, if you see it fall under $2, you should keep it on your watch list a little bit longer.

This is due to the fact that the $2 support level will fail to hold, which means that buyers might not have much interest in this level and could be eyeing a lower entry point.

The post The best cryptocurrencies to invest in the exchange sector appeared first on Invezz.

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