The crypto news today show that despite the dip yesterday, some cryptocurrencies are making a leap forward and surging. One of them is the altcoin Binance Coin (BNB) which has been in a strong momentum lately and managed to surge by more than 16% overnight.
BNB has recorded a quick 16% surge against the US dollar, rising to $13.05 and proving its bullish momentum. Over the past few days, BNB has been increasing. According to one cryptocurrency trader known as ‘Satoshi MBA’ the strength of tokens and small market cap cryptocurrencies are here to show the bullish trend of Bitcoin.
If we look historically, most of the tokens and small market cap cryptocurrencies tended to record intensified losses in the direction headed by BTC. However, every time Bitcoin records a minor loss, tokens tend to record intensified losses against the USD. Alternatively, when the dominant cryptocurrency surges, they demonstrate large gains on the upside.
Over the past 24 hours, Bitcoin recorded a minor drop of around 2% – which did not stop a handful of tokens including BNB to record gains in the 10% to 20% range.
This has put BNB as the eight most valuable cryptocurrency in the global market, overtaking Stellar and TRON and rising to new highs. In only 7 days, the price of BNB surged from $9.5 to $13.4 – recording a growth of more than 41% against both Bitcoin and the USD.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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