The last couple of days have been quite fruitful for crypto markets. With a dump last week and a whole seven days of consolidation many expected further losses. This didn’t happen and markets rallied again, led by one or two solid performing altcoins. Binance Coin has been among them as it breaks $2 billion market cap and flips Tether to take seventh spot.
Binance Coin Boosted to Ten Month High
The last time BNB was over $15 was in early June 2018. Since then it has dumped to a low of $4.50 in mid-December before surging back to currently levels. It has been one of the top performing altcoins of 2019 and has made a staggering 150% this year alone.
BNB prices YTD. Coinmarketcap.com
This week Binance Coin has pumped 50% from under $10 to over $15 which has pushed its market cap over $2 billion for the first time since the big crypto peak in January 2018. This epic performance has enabled BNB to flip both Tron and Stellar in the market cap charts. Yesterday it also conquered Tether and has taken seventh spot.
With a further 16% gained over the past 24 hours BNB is now less than $200 million in market cap away from Bitcoin Cash. It truly is a train of the crypto world at the moment, no such bear market going on with this one. Traders on twitter are now calling a top and are looking for the pullback to take profits.
#BNB $BNB
Congrats to all that took this call. Approaching first target of consolidation break.
Watching Market structure, I see a potential retracement to previous local highs after target is reached for further confirmation of the big break we are all looking for.
-Patience- pic.twitter.com/540lVvMPND— Crypt J (@atradesdaily) March 6, 2019
Solid Fundamentals
Binance appears to be one of the few companies bucking the trend and feeling no ill effects from the crypto winter. Maverick boss Changpeng Zhao seems to have taken the lead over Justin Sun for twitter use as it is a constant stream of updates on his channel. He is a huge advocate for crypto adoption and there is always the fact that more Binance users equals greater profits.
The world’s largest crypto exchange by volume has recently received a boost from the government of Argentina which has agreed to invest in early stage blockchain startups backed by the venture arm of the exchange. In an announcement this week, the country’s Ministry of Production and Labor said that it will match investments of up to $50,000 into every Argentinian blockchain project that receives funding from Binance Labs. Head of Binance Labs Ella Zhang clarified;
“One clarification to the terminology ‘match investments’ means grant. It’s a pure grant initiative to support local founders. Government WON’T take any ownership or equity. We really appreciate the strong support from Argentina government to @binance & @BinanceLabs !”
There has also been progress with the Binance decentralized exchange (DEX) which launched on test net two weeks ago. Binance Coin is effectively the fuel for the exchange which allows users to have full control of their wallets and private keys.
Binance Coin seems unstoppable at the moment which is a testament to the resilience of the industry and proof that a solid project and foundation for a token will send it to the moon.
Image from Shutterstock
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