LEO and FTT top this week’s crypto winning chart

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The mood in the cryptocurrency market is still bearish as market sales intensified after pigeon-like US inflation data raised fears of a possible rise in the US Federal Reserve’s key interest rate.

Bitcoin, after winning and appearing to be heading towards $ 31,000 during the week, fell as the bears took over, with the cryptocurrency’s flagship asset falling and falling to below $ 28,000.

Although the majority of the top 100 cryptocurrencies by market value had weekly declines, gains from LEO and FTT nevertheless led to the market, with gains of 5% and more as the exchange token led the top 100 rally. Here is the reason:

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UNUS SED LEO LEO +9.85%

  • UNUS SED LEO is a tool token used in the iFinex ecosystem. The name is based on a Latin quote from one of Aesop’s fables. Cryptocurrency allows Bitfinex users to save money on trading fees. The size of the discount depends on the amount of LEO the customer has in his account, and the savings offered are divided into three levels. There are fluctuations depending on whether a trading pair is crypto to crypto or crypto to stablecoin.
  • The LEO token has become the cryptocurrency community, especially since it became the latest entrant on the top 20 cryptocurrency list, as it currently ranks 16th. While the market sold off for most of May and also into June, the LEO barely managed to hold its value. This means that while all the coins around it were sold, the LEO coin managed to keep its value and thus automatically move up in the row.
  • The reason for the price increase is due to an increase in interest in the token. According to data from Glassnode, active addresses using the coin have risen steadily over the last few days, especially since the beginning of May. However, it may be because it caught the attention of many dealers.
  • Looking further, the Network Value to Transactions (NVT) ratio for LEO is also reasonably low. This therefore indicates that the coin has an attractive valuation when it comes to transaction value on blockchain. Quite similar to the PE ratio in traditional stock markets, the NVT ratio is defined as the ratio between market value and trading volume over a given period.

In summary, LEO could act as a safeguard against future accidents, just as it did this time. Since the beginning of May, LEO has hardly corrected by 16%, while Bitcoin has reached the bottom with more than 30% in the same time frame. However, this way of thinking must stand the test of time.

FTX’s FTT +6.00%

  • FTT is the original cryptocurrency token on the FTX cryptocurrency trading platform, launched on May 8, 2019. The team behind FTX includes some of the largest crypto traders of the last few years, who after finding problems with most common cryptocurrency exchanges decided to launch its own platform. FTX claims to stand out with features such as recovery prevention, a centralized security pool and universal stablecoin settlement.
  • FTT is an exchange token, which is a class of cryptocurrencies associated with a cryptocurrency exchange. Naturally, exchange tokens like FTT are less risky than most available cryptocurrencies because they have direct and real use cases. Nor are they based on speculation. These tokens drive crypto exchanges, giving them a chance to survive as they are used daily. This means that the coins are in circulation almost every time.
  • FTT is one of the best coins to keep considering that it has an active firing mechanism to keep supply low. The firing mechanism takes place through a redemption and firing process. It is currently ranked # 19 with a market value of $ 3.7 billion.
  • As FTT draws value from the performance of the FTX exchange, the reason for the rally can be attributed to FTX trading volume, which exceeded Coinbase in May. Bitcoin spot trading volume on FTX surpassed Coinbase for the first time, hitting $ 30 billion in a single month. Tushar Jain, co-founder of Multicoin Capital, which is a co-owner of FTX, shared the chart that highlighted as FTX overtook Coinbase in trading volume.
  • FTX is now the second largest centralized exchange by trading volume, according to CoinMarketCap. Binance still tops the charts with as much as $ 17 billion a day, but FTX now trades over $ 2 billion a day in second place.

In addition, FTT ranks fourth among centralized exchange tokens according to statistics. The FTT token is rising by 6% per week despite worrying macro factors weighing on the wider market. Only Bitfinex’s LEO token surpasses it in position 2 with a gain of 10% in the last seven days.

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