Binance Coin (BNB) has spiked up to $9.7 from $5.54 which is a 75% increase since January 14 against the US dollar and in today’s altcoin news we will find out what spiked the price rally.
In the same time, the value of the entire crypto market dropped by $3 billion from $124 billion to approximately $121 billion.
Binance Coin has managed to outperform all of the top 20 cryptocurrencies by an incredible rate and has become a part of the top 10 cryptocurrencies for the first time ever. One of the factors for this increase is possibly the decreasing circulating supply, its performance during the bear market and its decentralization. Of course, there is a multi-billion dollar business standing behind it.
The Binance team has eliminated a $9.4 worth of BNV back on January 16 which was a portion of the circulating supply of the asset. At that time, Binance CEO Chengpeng Zhao said:
“Burn complete. I remember when I did the first burn of $1,500,000 USD equivalent in BNB, I was nervous as hell. Now, well, I am still nervous, lol. Fastest way to spend money.”
Binance burns the circulating supply of the coin every quarter. BNB was initially issued as a way to finance the exchange but after Binance become one of the best exchanges out there, it used the 20 percent of the profits to buy back the BNB and decrease the supply of the asset.
On the other hand, the market lost a chunk of its value and it is still expected in the next couple of days to retrace some of the larger gains if the cryptocurrencies manage to hold on to their momentum at current levels.
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“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.’’Over the past few months, Bitcoin and the other cryptocurrencies show similar movements. BTC showed weeks of stability but it later plunged by 10 percent. However, the current stability is not a guarantee for improved future performance. The crypto market shows a period of stability for the past couple of weeks. Ethereum made gains during today’s trading session. After the 12 percent surge in the price of ETH, crypto trader DonAlt said:
“Well, this is a proper moon. Not a big liquid spike but rather a nice controlled walk up. Didn’t expect quite this much action into the weekend but I’m not complaining. ETH as the top gainer on BitMEX. Right at resistance here – will be interesting if it can break through or not.”
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