In brief:
- The crypto markets are in the red with Bitcoin (BTC) continuing to take a nosedive in the markets.
- Crypto exchange tokens such as Bitrue Coin (BTR) and Binance Coin (BNB) have proper utility in their respective exchanges.
- Such utility will be crucial in determining which alt-coins might be worth hodling once the crypto markets find a bottom amidst the current market shakedown.
Any seasoned crypto trader has already noticed that the crypto-markets are in bear territory despite the highly anticipated Bitcoin (BTC) halving being two months away. The King of Crypto is currently valued at $8,300 with many analysts finding a correlation with the turmoil witnessed in the traditional markets. The latter has been brought about by the Coronavirus pandemic that has continued to impact global manufacturing, supply chains, travel and more.
Bitcoin (BTC) and Crypto Might Not Recover Soon
One such analyst who goes by the name of @MagicPoopCannon on Twitter has postulated that the continuation of the ongoing stock market carnage will adversely affect BTC and the general crypto trading industry. He suggests that cryptocurrencies are performing like risk assets rather than stores-of-value as earlier projected in the event of a recession. His tweet can be found below.
I will say this though, if stocks keep getting demolished like this, I would be very suspicious of a crypto recovery. Crypto is a risk on trade, and it isn't likely to perform well when Wall St is freaking out and trying to escape risk.
— MAGIC (@MagicPoopCannon) March 5, 2020
Why Bitrue Coin (BTR) Should Be on Your Radar
As we continue to witness a downward spiral in the crypto-markets, there is bound to be a purge of tokens that belong to projects without some form of proven utility. Such tokens belong to projects that no longer have development updates or are at the brink of closing shop completely as their ETH holdings continue to lose value with the current market turmoil.
However, this is not the case with tokens that are native to crypto exchanges such as Binance, Bitrue, Huobi, OKEX, KuCoin and more. In the case of Bitrue Coin (BTR), the token is the backbone of the exchange. BTR currently can only be used to pay for trading fees of which the user of the token receives a discount for doing so.
In the future, BTR will be used for a variety of activities on the exchange such as voting for the listing of coins on the exchange, donating to charity, as well as wealth management and loan programs. BTR holdings will also provide access to a VIP tiered trading structure as seen on more established crypto exchanges. As you can see, such utility is reminiscent of what Binance has accomplished with BNB on its platform.
BTR’s Market Performance Since its Token Sale
Further analyzing the current value of the token at the time of writing this, we find that BTR is valued at $0.029. The token’s current value is 42% cheaper than its IEO sale price of $0.05. This further makes the case that the token is highly undervalued given its planned utility on the exchange. However, one is also reminded to be cautious by not attempting to ‘catch falling knives’ till Bitcoin and the crypto markets show some signs of bottoming out.
(Feature image courtesy of Unsplash.com)
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Crypto Gazette or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you