Those who did not profit from the 2019’s Binance Coin (BNB) price rally can still make profits from the crypto in 2020, says the well-known supporter of the coin Changpeng Zhao. The BNB coin price analysis made by the CEO of the platform seems to be extremely bullish as we are reading further in the altcoin news today.
The CEO of Binance hypothesized a certain potential for a useful correlation between BNB and its rival Bitcoin (BTC). He also noted that the betterment of sentiment on the side of Bitcoin (BTC) can result in an increased number of Binance (BNB) trades. And also traders use Binance Coin (BNB) to pay for trading fees which would in the bigger picture force the demand for BNB.
“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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