Major cryptocurrency exchange tokens like Binance token (BNB) and Huobi Token (HT) have recorded impressive gains since February, outperforming bitcoin and most of other altcoins. But will their upwards momentum maintain for a long time?

BNB, the token issued by the world’s largest cryptocurrency exchange by adjusted trading volume Binance, is posting a whopping 75% increase over the past month—from $5.50 on Jan.14 to $9.82 on Feb. 11—notably, the token rose about 45% during the week-long Spring Festival holiday alone.

It hit an all-time high in bitcoin-denominated value on Monday. At press time, the 10th most valuable crypto by market cap is trading at $9.06, down 5.1% over the past 24 hours, according to data from coinmarketcap.

Several major factors drive BNB’s recent jaw-dropping growth.

First, the Binance team burned $9.4 million worth of BNB in a recent coin burn, eliminating a portion of circulating supply. As per its whitepaper, Binance uses 20% of the firm’s profits every quarter to buy back a portion of BNB tokens and destroy them until the total supply reaches 100 million, which helps maintain the token’s value.

Second, Binance Launchpad, a token sale platform for nascent crypto projects, helps boost BNB’s trading volume by asking investors to participate in token sales with BNB. The platform has taken off with the successful Tron-affiliated BitTorrent Token (BTT) ICO, which sold out roughly $7.2 million worth of BTT in under 20 minutes. Launchpad will launch another token sale—Fetch.Ai— on February 25 , where users can buy the Fetch.AI token with BNB.

Third, some positive Binance announcements give a boost to investors’ confidence. The crypto exchange is scheduled to release its decentralized exchange, Binance DEX, for public testing on Feb.20, which is built upon Binance Chain. Moreover, Binance has secured a partnership with Simplex in late January, allowing consumers to purchase cryptocurrencies through credit and debit cards.

In addition to Binance token, some other major exchange tokens also experienced gains in value over the past 7 days. Huobi Token (HT), the native currency of the Huobi crypto exchange and OKEx platform token OKB have printed gains of over 20% and 10%, respectively, over the same time period.

In the race for exchange tokens, a bitcoin analyst in China believes in the long run, BNB may outperform other tokens in terms of value due to its token economics. BNB’s coin burns is a catalyst for its price surge. As the circulating supply decreases, demand increases, hence the natural price rise. By contrast, HT’s airdrop and OKB’s dividends strategies may not work well in driving up their price.

Will the BNB’s recent rally last long?

A Chinese analyst with a screen name of “Da Zhang Gui” said the recent rally of exchange platform tokens is driven by funds venturing back into the crypto market after the after the Spring Festival holiday. But he thought the rally is unlikely to maintain for a long time because money flow into certain cryptos or sectors only, and there is no logic in triggering a big sustained rally for the entire crypto market. He predicted that in the first half of this year, we can still see crypto market’s wild swing and funds will just focus on a few crypto subjects.