The Binance coin BNB has been outperforming in the cryptocurrency market since the past two weeks. As if moving from the 12th spot to the 10th spotin less than two weeks isn’t outstanding enough, BNB is taking things to another level with a trading price nearing a $10 breakout.
At the moment of this writing, BNB is the second cryptocurrency amongst the top 15 to attain gains of as much as 6.46% against the USD while other coins and tokens manage to rake in between 1 to 3%.
BNB’s performance so far
At press time, BNB’s current trading price of $9.78 is the first new yearly all-time high for the coin who last saw this price on the 14th of November 2018 and later closed at a price of $8.41. The last four days have seen BNB build its momentum through an increased trading volume. Yesterday, trading volume hit $125.41 million and has since surged by a whopping $25.44 million, landing it at $139.66 million at press time.
Due to the speedy movement of trading volume, BNB only traded on the $8 mark for 4 days, after which it climbed up to the $9 mark. Not only was this price attained just yesterday, but the coin is also soon to cross over to $10 in a short period of time. All thanks to traders from the Binance exchange who have become the top pioneers of the coin’s top two trading volume within the past 24hrs.
Meanwhile, the competitive market volume between BNB ($1.38 billion) and Stellar XLM ($1.52 billion) which is currently occupying the 9th spot is only $14 million apart. Considering the pace at which BNB is moving, against XLM which is struggling to draw in gains of 0.50%, both coins have a high possibility of colliding and going further to trade positions.
Apparently, BNB just might bring CZ’s dream of the coin attaining the 9th position to live in just a few hours if trading volume continues to maintain this level of speed and stability.
Binance Coin (BNB) Long-term Price Analysis – February 10
BNB/USD Long-term Trend – Bullish
- Distribution territories: $11, $12, $13
- Accumulation territories: $6, $5, $4
On February 4, Binance Coin market strived to beef up its driving force against the US dollar. On its succeeding day, the crypto visibly continued to surge higher northwards to eventually touch past $9 last week’s immediate distribution territory briefly on February 9.
The market line has actively been trading around the $9 horizontal point. Both the SMA indicators seemingly point towards north than an east direction in their outlook. The 14-day SMA still maintains an upper location over the 50-day SMA. The Stochastic Oscillators are found consolidating around range 80 closely to the overbought zone.
The market may soon be witnessing a pit-stop between $9 and $7 marks, and during that presumed course, there may be short ups and downs. A breakdown through the 14-day SMA southwards may not be finding it easier against the 50-day SMA to freely make a smooth passage in favor of bears. Whilst that even happens, it may allow the bulls to re-find its foundation for anew decent entry.
Source: Bitcoin Exchange Guide
Binance Coin (BNB) Passes IOTA to Become 12th Crypto By Coin Market Cap
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.
Bitcoin Cash [BCH] bleeds by 18.71%; EOS and Tron [TRX] fail to recover as tokens fall by over 16%
The cryptocurrency market saw a massive crash on January 10 and most of the major cryptocurrencies suffered heavy losses, and even on January 11, the market does not seem to be in a good shape. The top losers in the bear attack are currently Bitcoin Cash [BCH], followed by EOS and Tron [TRX].
Bitcoin Cash, at the time of press, was valued at $131.20, with a market cap of $2 billion. The coin registered a 24-hour trade volume of $357 million. The coin recorded a huge 18.71% slip in the past day, and has seen an overall dip of 19.35% in the past week. The coin is slowing recovering as it noted a rise of 0.19% in the past hour.
The fourth-largest coin was highly traded on Huobi, with $50 million in trading volume with the BCH/USDT pair. Huobi was followed by LBank, which registered a trading volume of $32 million with the BCH/BTC pair. Upbit, in the third place, noted a volume of $25 million with the BCH/KRW pair.
As per the CoinMarketCap chart, EOS recorded a loss of 17.57% over the past day and had a market cap $2 billion. The coin registered a 24-hour trade volume of $1 billion and made a recovery of 0.38% over the past hour. The coin saw a dip of 10.54% over the past week.
The coin was highly traded on OKEx, with a trading volume of $159 million with the EOS/USDT pair. The second place was taken by Bibox, which registered a volume of $95 million with the EOS/ETH pair. Bibox was followed by Bitz, which traded $91 million volume of the coin with the EOS/USDT pair.
TRX was pumping for the past few weeks, but this pump was suddenly restricted on January 10. At the time of press, the coin was valued at $0.0266, with a market cap of $1.7 billion. The 24-hour trading volume of the coin was $1 billion, with a fall of 16.95% over the past day. The coin registered an overall growth of 31.45% and is seen to be making a recovery with a 0.80% growth in the past hour.
The coin was highly traded on Upbit, with a trading volume of $176 million with the TRX/KRW pair. The exchange that reported the second-highest trade volume was Binance, with $141 million with the TRX/USDT pair. Binance followed itself as it registered a volume of $110 million with the TRX/BTC pair.