The cryptocurrency market in 2022 saw the collapse of the FTX exchange and that led to contagion among other exchanges. The next bull market can bring new volumes to alternative exchanges and Huobi (HT) and OKX (OKB) are two that can be winners. The projects can make a run for the top twenty projects and may be joined by Uwerx which is impressing analysts with its potential.
OKX (OKB) highlights the strong performance of some exchanges despite the bear market. OKB (OKX) has seen its token drop from $44 to lows of $10-12, but the project has rebounded to $41. Despite an initial drag for OKX with the FTX collapse, the project has seen its fortunes change as trading volumes increase with the FTX vacuum. OKB (OKX) had a 24-hr trading volume of $600 million now down to $41.55.
The OKB (OKX) exchange has a current market valuation of $1.6 billion and the entry point for the top twenty coins is a market cap of around $3 billion. OKB can achieve this move in a bull market when trading volumes return with a gap in the market from the absent FTX which crashed into bankruptcy after its finances were exposed.
Huobi Token (HT) is another exchange token seeking to make a move and currently has a valuation of $750 million and therefore, has more work to do than OKB to achieve top twenty status. However, recent changes could see the project improve its business. The first is the FTX disappearance once again, while the second is the arrival of new owners.
The original founders of Huobi sold their majority stake in the project in September and the new owners have talked of global ambitions. Added to the board of directors was Tron founder Justin Sun, and he may bring some new ideas. Another recent development was a partnership with payments giant VISA, which will see Huobi launch a debit card that makes it easy for consumers to convert and spend cryptocurrencies at 80 million merchant locations worldwide.
Uwerx is a brand-new project, still at its presale stage but many experts and analysts believe it could see a rapid move towards top twenty status. Uwerx will be targeting the fast-growing market for freelance workers and will bring that sector to the blockchain.
One of the key competitors in the market is Upwork, which saw revenues of $500 million in 2022, up 34% year-on-year. Upwork is currently valued at around $1.5 billion, but after a harsh bear market in stocks. Liquidity will be locked for 25 years. Additionally, Uwerx has already passed its audit with InterFi Network and Solidproof at prelaunch.
Upwork was valued at $8 billion previously and that highlights the top twenty potential of Uwerx if it can take market share from the 145,000 freelancers on that platform. Uwerx can certainly do that by bringing the sector to the digital ledger, which can cut fees and speed up payments. Other benefits include data security and IP control and this could be an opportunity to get into a future blue-chip cryptocurrency at the great price of $0.01, follow the links below: