In a bull market, as Bitcoin breaks through the $38,000 mark, the cryptocurrency market is rapidly emerging from a bear market that has lasted for two years. The Bitcoin halving is approaching, and the approval of a Bitcoin spot ETF is also expected, indicating that the cryptocurrency industry may be on the verge of an unprecedented bull market. So, how can we better seize the wealth opportunities in the cryptocurrency industry?

Currently, one of the most profitable areas in the cryptocurrency industry is the trading platform, and platform coins are one of the most important tracks for cryptocurrency assets. During the last bull market, Bitcoin rose from $5,021 to a historical high of $67,000, an increase of about 1,200%. The platform coins of major exchanges far outperformed the rise of Bitcoin. Taking the leading exchange Binance as an example, its platform coin increased by about 60 times, while platform coins of other exchanges such as OKB, GT, KCS, etc., all had increases of over 20 times. Therefore, it is a very wise choice to lay out the platform coin track at the beginning of the bull market, as it not only has high certainty and relatively low risk, but also enormous potential for future appreciation.

So, how do we choose a platform coin? Which platform coin has greater potential for appreciation? Below, we will conduct a comprehensive comparative analysis from the fundamental aspects of trading platforms, the price trends of platform coins, and the additional value of platform coins. By deeply understanding the operational situation and market share of each trading platform, as well as the historical price trends and additional value of platform coins, we can better evaluate the appreciation potential and prospects of each platform coin. At the same time, we can also pay attention to some innovative and promising new platforms and platform coins. Ultimately, through comprehensive analysis and consideration, we can choose platform coins with greater appreciation potential and prospects for investment.

Leading exchanges weaken, second-tier platforms show significant growth

As the saying goes, it's good to take advantage of the shade of a big tree. This saying also applies in the cryptocurrency field. The value of platform coins is largely determined by the fundamental aspects of the trading platforms behind them. During the nearly two-year bear market, the landscape of cryptocurrency platforms has undergone significant changes. Taking Binance as an example, in early 2023, its trading volume and market share once reached as high as 60%, demonstrating a clear leading advantage. However, according to the recent CEX report released by 0xScope, Binance's market share has dropped to 51% and may further decline.

At the same time, some second-tier exchanges such as Bitget, Bybit, etc., have risen rapidly and experienced rapid development. Taking Bitget as an example, its market share was only 2% at the beginning of 2023, but has now risen to 7.0%, making it one of the fastest-growing trading platforms in 2023, firmly ranking among the top four global trading platforms.

Through comparison, we can see that while the top trading platforms are weakening, high-growth trading platforms like Bitget and Bybit have captured more value for platform coins by actively listing coins and providing high-quality product services in the bear market. Therefore, for investors, choosing platform coins of high-growth potential trading platforms such as Bitget and Bybit will be more valuable for investment.

Performance of major platform coins in 2023

The price trend of platform coins is the most intuitive indicator reflecting their investment potential. From the chart below, it is clear that BNB, as the industry leader, has only achieved a 2% increase this year, while Kucoin and Huobi have shown significant declines. This is in line with a basic rule: the operation of the platform directly affects the price of the platform coin. Similarly, among the outstanding performers, we can also see that this point has been verified. Taking the rapidly emerging Bitget platform in 2023 as an example, its platform coin BGB has risen by 168% since the beginning of this year, even exceeding Bitcoin's increase (BTC has risen by 107% since the beginning of the year). BGB has become one of the best-performing platform coins this year, and is also one of the few platform coins that can outperform Bitcoin in terms of increase.

It is worth noting that a bear market often tests the quality of a coin. Coins that can rise against the trend in a bear market often show stronger potential for appreciation when a bull market arrives. BGB, which is currently in an upward trend, has strong momentum. Once the bull market arrives, its upward trend will be greatly magnified, and its momentum will be even more substantial.

The power of compounding: Additional value of platform coins

High-quality assets not only need to have appreciation potential, but also need to be able to create additional income. Compared to other cryptocurrencies, the unique advantage of platform coins is that they can create additional value for holders. Holders of platform coins can participate in the LaunchPad of major trading platforms, which is the main embodiment of the additional value of platform coins. So, which platform coin generates greater additional value? We can look at it from the following two aspects.

First, the return on LaunchPad projects. According to CryptoRank's data, the LaunchPad projects of leading exchanges in 2023 have performed well, with an average highest return rate of over 10 times. Taking Bitget as an example, the average historical highest return rate for all of its LaunchPad projects is 41.9 times, ranking first; OKX and Bybit follow closely, with average historical highest return rates of 35.6 times and 33.3 times, respectively.

Next, the number of new projects on LaunchPad. Since the beginning of 2023, Bitget's LaunchPad has launched 6 projects, with new projects being launched on average every 1.5 months. Binance closely follows, with 3 LaunchPad launches, averaging one new launch per quarter. Other trading platforms are more conservative, with fewer new LaunchPad launches, thus limiting the additional income potential of their platform coins.

In conclusion, Bitget's LaunchPad not only has a higher return rate but also offers more new projects, so holding BGB undoubtedly can create more additional value. In addition, holders of BGB can also participate in Bitget's Launchpool, staking, and receive airdrops of new projects to earn income. Although these earnings are currently limited, once the bull market arrives and the snowball effect occurs, they will create huge profit potential for holders. Therefore, from the perspective of the additional value of platform coins, Bitget's platform coin BGB has great investment potential and room for imagination.

Conclusion

In summary, holding platform coins in a bull market can bring higher returns and additional income opportunities. Recently, platform coins of rapidly growing second-tier platforms such as Bitget and Bybit are worth paying attention to. Compared to platform coins of leading platforms, the platform coins of these second-tier platforms have greater room for imagination.For example, Bitget has a market share of 7%, about 1/7 of Binance's (51%), and the market value of BGB is only $600 million, about 1/70 of BNB's market value ($38 billion). From this perspective, BGB still has at least 10 times growth potential, and its price is undervalued.

Therefore, when choosing platform coins, investors should focus on the fundamental aspects of the underlying platform, as well as the historical price trends and additional value of platform coins, to comprehensively evaluate and obtain greater returns at a smaller cost.

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