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Binance Coin (BNB) Passes IOTA to Become 12th Crypto By Coin Market Cap

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Changpeng “CZ” Zhao is probably very happy now. Binance Coin (BNB), the official crypto used in the largest crypto exchange of the world by trading volume, has just passed IOTAand it is now the 12th largest token by market cap in the crypto industry.

At around 1 pm GMT today, BNB reached a market cap of $856.6 million USD, its biggest since November 20, 2018, a month in which the crypto industry took a very strong hit from the bear. IOTA remained at $807.1 million USD, lagging fairly behind the official token of the famous exchange.

This is the result of a trend that started on January 3. During the last 20 days, Binance has been able to push its token up while IOTA was in a slow but steady decline. They officially traded places in the ranking by January 23 and the trend was solidified today.

Why Is BNB Up? New Jersey Exchange And Decrease In BNB Supply Helps

Part of the reason for the prices going up is that Binance has a very strong plan, but some aspects are more prominent than others. One of them was the company opening its new Jersey exchange, which is set to cater to the United Kingdom and the European Union, as it paired BNB tokens with EUR and GBP.

The move was made to coincide with the Brexit, as the CFO Wei Zhou affirmed. Many UK investors feel insecure about the whole event, so now it is a good time to offer them more token investments. This was a great reason why there are more people buying BNB now.

Expansion is always a bullish sign for investors, so many of them saw this as a great chance to invest in a token that was already going up before the event happened.

Another important fact that is making investors excited is that Binance is set to launch its own ledger, Binance Chain. The new chain would help companies to create their own Initial Coin Offerings (ICOs) and create tokens using BNB as a basis, just what Ethereum (ETH) offers.

With plans for launching a decentralized exchange soon that would use BNB tokens, the coins get even more valuable in the market.

Finally, there is the quarterly BNB burn round. By burning 20% of its tokens that are received by trading fees, the exchange actually deflates the price of BNB and make it go up in the market. The burning protocol is automatic and will burn the 100 million BNB tokens that were sold during the ICO, an ingenious plan, really.

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Binance Coin Price Hits $19.5 but Bearish Pressure Intensifies

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It has been a very interesting weekend for all cryptocurrencies, albeit the end result is not necessarily what traders expected. Most of the markets are currently in the green again, yet it seems the bearish pressure will not relent just yet. As far as the Binance Coin price is concerned, it would appear the current uptrend may not remain in place for too much longer.

Binance Coin Price Shows Signs of Reversing

When a new week comes around and Bitcoin is still in the green, there is plenty of reason to be cautiously optimistic. However, that doesn’t necessarily mean all of the alternative markets will go through similar momentum. More often than not, a positive Bitcoin trend is nefast for altcoins, albeit things are not looking too bad right now. Binance Coin still notes some gains, although it will dip in the red fairly quickly at this rate.

To be more specific, the Binance Coin price currently sits at $19.5. This represents a 2.37% increase in USD value, which is more than acceptable under the current market circumstances. The bigger concern is how BNB is already in the red over Ether, and the 0.52% gain over Bitcoin might not remain in place for much longer either. Mondays are known for their overall volatility, thus this trend is not entirely surprising either.

On social media, it would appear as if there is some additional information regarding Binance’s BNB burn. As most users are aware of, BNB coins are burned every single quarter, although the amount is not necessarily communicated in advance. As such, users can now predict how many tokens will be destroyed in the coming weeks. This burn phase will help reduce the overall supply, thus potentially trigger a Binance Coin value change in the process.

There is also another interesting tidbit of information which no one can refute. As Chuck Costellos shows, there is a genuine rate of engagement regarding Binance Coin. While these statistics are never indicative of what a project may be all about in the long run or how its price will evolve, it would appear people enjoy talking about BNB regardless. Whether or not this will aid in the push to $20, is a different matter altogether.

Speaking of the current and future BNB price, it would appear the current chart doesn’t necessarily look too appealing either. As the latest push has not been officially confirmed, it would appear a downtrend is in order. This is in line with the current BNB value decline in ETH value, with its BTC value likely to follow pretty quickly. How dire things will get, remains to be determined, but for now, it seems the uptrend has come to an end.

When looking at the bigger picture, a trend established on Monday morning isn’t necessarily indicative of what this week will bring to the table. Considering how all cryptocurrencies rely on Bitcoin first and foremost, there will always be some volatility.  Binance Coin will not be able to escape this negative trend at this time, although it seems unlikely any major changes should be expected.

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Binance Coin Price Targets $16 as Slow Uptrend Begins to Materialize

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When Bitcoin goes in the green again, most of the alternative markets will follow suit pretty quickly. Today is no exception in this regard, although it would appear as if there is still some uncertainty across the markets as well. The Binance Coin price is moving up nicely, although it is taking a slow and steady approach first and foremost.

Binance Coin Price Tries to hit $16 Again

It is evident the cryptocurrency industry is still in a good place right now, especially with most of the top markets shifting into the green zone again. While some stability would also be appreciated, most traders prefer to see some gains at any given time. It appears Binance Coinhas users covered in this regard, primarily because it tends to note some gains in quick succession at all times. Today is no different in that regard, albeit the market isn’t moving up as swiftly as people expected.

Binance Coin (BNB)
15,84 USD (1,76%)
0,00390929 BTC
RANK

7

MARKET CAP

$2,24 B USD

VOLUME

$150,12 M USD

Powered by CoinMarketCap

Over the past 24 hours, the Binance Coin price has risen by 1% in USD and ETH value, and 0.77% in Bitcoin value. While all of these trends are somewhat promising in their own regard, it remains to be seen if they can be sustained for very long. As the value approaches $15.9 again, a push to $16 again is not entirely out of the question. Considering how the trading volume is still relatively low, however, that may require a bit of extra effort first and foremost.

On social media, there are many different discussions pertaining to BNB. Some users would love to see Binance build a better Coinmarketcap, as that site has gotten a lot of flack in the past twelve months. It now seems something will need to change in this regard, although it is unclear what role BNB would play in that regard. There are plenty of CMC alternatives out there already, although some of those still derive incorrect market data from that site in the end.

sion of CMC @cz_binance ? CMC has been shady on several topics. You guys should be in everything, which appears to be your goal. Sure hope so b/c I’m long (heavily) on $BNB

When it comes to the current price charts, however, it remains to be seen what will happen next. CryptoandChill expects BNB to pull back to $12 in the coming days, which would require a very bearish turn of events all of a sudden. It is not entirely impossible this market would lose 25% in value for no apparent reason, but at this time, that scenario seems implausible.

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CryptoAndChill@Crypt0AndChill

Watching #bnb like a hawk! You see that golden cross 👏🏾 just waiting on a retrace to about $12 💯

See CryptoAndChill’s other Tweets

Depending on how far one would zoom out on the chart, it quickly becomes apparent BNB is still mega bullish. Any level of resistance to date has been wiped out pretty quickly, although there is still a good chance this last set of green candles will be undone in quick succession. Although Binance Coin tends to do its own thing first and foremost, there is no market which rises in value for an extended period of time without facing price drop.

All of the signs seem to indicate things will get very interesting for all top cryptocurrencies, tokens, and assets. Although Binance Coin is gaining a lot less value than one might assume, there is nothing to be overly concerned about as of right now. This current uptrend should not face too many problems as long as Bitcoin remains in the green. However, anything can happen in this volatile industry.

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

source:nulltx

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Is Binance Coin on its way to the top 5? BNB flips Tether with 15% gains

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This week has seen Binance coin (BNB) breach into the top 10 flipping Tron (TRX) Stellar (XLM) and now Tether, but can it continue this rally all the way into the top 5?

Currently citing gains of over 15%, and at a price of $15.46, BNB has decidedly continued on its rally, now responsible for leading the path for the rest of the top 100.

With 150% gains since the start of 2019, 50% of which was accumulated over the past 7 days, BNB looks poised to attempt to flip Bitcoin cash (BCH) for 6th position.

In comparison, BCH has had a fairly poor run this week citing a negligible +0.5% gain. Its current market cap sits at around $233 million compared to BNB which is at a tantalizingly close $231 million, making it almost certain that BNB will flip BCH, imminently.

The community reaction to this BNB run has been varied, with a few people rallying behind the cryptocurrency:

However, one user posited that BNB was close to its high, advising investors to stay away:

Despite the sheer momentum driving BNB right now, it seems as if BCH will be the last positive flip we see from the cryptocurrency for a while.

Litecoin (LTC) currently guards entry to the top 5, with a massive market cap of over $2 billion, compared to BNB’s $231 million. BNB would have to gain more than +800% in order to get close to the top 5. But anything can happen, this is crypto, after all.

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