Cryptocurrency Market Update: Binance Coin (BNB) Bucking the Trend
Current performing altcoins are Binance Coin, Reddcoin, and Docademic.
A flat weekend in crypto land has not been enough to entice the bulls back into the market. Monday morning is shaping up to be a red one as the downward slide continues. Total market cap is still falling back towards the yearly low six weeks ago. Bitcoin is lulling around the $6,500 mark and has lost 1.5% on the day and Ethereum’s little bounce on the SEC news last week was short-lived as it also declined a similar amount to just below $500. Altcoins are getting hit harder with most of them in the red at the time of writing. There is only one coin in the green at the time of writing and that is Binance’s own crypto, BNB.
According to Coinmarketcap Binance Coin is trading up 3.9% on the day while every other altcoin in the top 40 is falling once again. BNB is currently trading at $16.80, up from $16.13 this time yesterday. Binance coin has had a strong week in spite of the negative market sentiment climbing 17.5% from $14.30 this time last Monday. On the month BNB has performed solidly rising 35% from $12.40 this time last month. Against Bitcoin BNB has made 5.7% on the day to 261300 satoshis from 247000 sats this time yesterday. Weekly gains on BTC have been around 23% from 212000 satoshis as Bitcoin has continued to fall.
Binance continues to offer promotions and airdrops for various tokens including its own which makes it a positive coin to invest in. Additionally trade fees can be halved by users trading with BNB instead of directly, this will also increase volume and value of this altcoin. Binance is constantly expanding with news that it will be offering fiat trading from Malta soon and another move into Jersey to tap the UK market keeping the exchange at the top of its game.
Tether is the top traded pair with BNB at over 50% with BTC taking 38% and ETH 4.4%. Trade volume has increased from $88 million to $109 million in the past 24 hours and Binance Coin is the only one not getting hammered during Asian trade this morning. With a market cap of $1.9 billion BNB sits at 15th spot in the coin charts.
All gains in the past 2 months have been wiped out with crypto markets falling back to early April lows. Total market capitalization currently sits at $276 billion, down just over 2% on the day, and 24 hour trade volume has remained at about $10 billion. Over the week the markets have lost 8%, equating to $25 billion, and volume has halved. This could indicate a slowdown in selling pressure or the bears could be gearing up for another rout as most cryptos are consolidating at the moment. There are no altcoins making gains in the top 50 but a few taking heavy hits and those include Bytecoin down 6%, Lisk losing the same amount, and 0x falling 6.7%. Way down the list ReddCoin is doing better with an 11% gain and Mithril is up 5.2%, and with a McAfee shill, Docademic needs a mention as MTC is pumping 27% at the moment.
More on Binance Coin can be found here: https://info.binance.com/currencies/binance-coin
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and possible fundamentals.
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