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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‘’The 10th quarterly burn represented the first full quarter that we factored in the performance of our most recent new products.’’CZ meant that the Binance’s margin trading which was launched in July, and the lending launched in August and futures launched in September 2019, are a part of the full quarter. He also noted that Binance made a huge effort to increase the fiat-to-crypto options by simply adding support for the 24-global fiat currencies to the exchange. He admitted that Binance Coin is still very far away from the all-time high which was reached in June 2019:
‘’But I don’t worry about it as much, because we view BNB as a long-term play, and many in the Binance community continue to use and hold BNB.’’The token burning is a common practice that the token issuers perform to remove a certain amount of the existing cryptocurrency from circulation. This is done by the token creators who purchase the coins back from the community and lock it away forever. The tokens are burnt for deflationary purposes and Binance already announced its token burn plans when the coin was initially launched to keep the supply of 100 million BNB. The exchange-based crypto asset’s current circulation supply is 187,536,713 BNB but after the 10 token burns, the total supply dropped to 155,536,713.
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“Only a few coins outran [bitcoin] last year,” tweeted Mr. Zhao. “No guarantees, but the BNB ecosystem will definitely try to [build] faster than [bitcoin] again this year. I will personally continue to shill both.”The statements of Changpeng Zhao were made while talks over bitcoin’s role as a safe-haven asset became louder. The best-known crypto peaked by up to 21%, from January the 3rd to January the 7th, at the time of escalating tensions between the US and Iran. The positive pro-growth sentiment swelled across the entire crypto sector. The BNB-to-dollar exchange rate grown more than 22% to $15.848 alone, making it one of the biggest gainers among the cryptocurrencies with the highest market capitalization. BNB also went up to 5% in contradiction of Bitcoin (BTC) within the aforementioned time span. Gautam Ghhugani from AllianceBernstein LP, the New York-based company, said that BNB coin price analysis is expected to come with a discounted price, right after he praised the core business model of Binance. The known analyst also said that the demand for the coin will go up in all likelihood because of the good performance of Binance, as an exchange company that surpasses all of its competition.
“Binance exchange has (some) competitors (easy to Guess) who may not adopt the cleanest tactics to upset the cart,” he added. “BNB is the currency of the ecosystem & could really hurt. Binance is protecting its core business.”If Changpeng Zhao is right about this, a growth of the price of Bitcoin (BTC) can be the right formula for it.
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