As gradual because the cryptocurrency market has been in 2019, that doesn’t imply that there isn’t revenue to be made. Fairly just a few cryptocurrencies gained substantial worth for the reason that starting of the yr, together with TRON that went from $0.018 to $0.024, Litecoin that went from $30 to $43, HOLO that doubled in value from $0.0005 to $0.001, and naturally Binance Coin that additionally nearly doubled in value from $5.50 to $9.64 on the time of writing.
Why is BNB doing so nicely?
The primary purpose that involves thoughts is Binance’s Launchpad. After having a particularly hyped BitTorrent token sale on their platform that sold out in roughly 14 seconds, Binance is answerable for a lot of the hype within the cryptocurrency world. Not solely does it dominate the buying and selling quantity with over $600 million traded prior to now 24 hours, it additionally has a particularly good fame. Changpeng Zhao is extraordinarily beloved within the crypto neighborhood partly on account of his excellent communication in relation to any alternate issues.
With the current constructive momentum $BNB reached the highest 10 cash based mostly on market cap. It’s roughly $200m forward of Bitcoin SV which misplaced over 30% in worth for the reason that starting of the yr.
One attention-grabbing sample to note is the correlation between the rise in quantity and enhance in value for $BNB. As Walter Wyckoff highlights this phenomenon on twitter:
$BNB chart clearly exhibits how quantity and value transfer when there are lots of consumers stepping in and demand>provide, aka bullish reversal. However possibly quantity means nothing idk pic.twitter.com/2HEwpgixOS
— Walter Wyckoff (@walter_wyckoff) February 11, 2019
We are able to solely assume that if the quantity retains rising then the worth may also. Wanting on the subsequent occasion which ought to spark a rise in quantity for BNB is the launch of Fetch.AI on the Binance Launchpad. The launch is scheduled for Feb 25th which is 2 weeks away.
In response to the mission specification, Fetch.AI goals to convey collectively machine studying, AI and blockchain to create an financial web. It’s a sophisticated mission that’s exhausting to elucidate in a single sentence. If you’re excited about trying into it, you possibly can read the whitepaper.
Binance’s token launch platform is unquestionably a key participant within the success of $BNB’s value, as every token that’s launched on the platform accepts $BNB by default. This crease demand for Binance Coin which in flip will increase the worth.
It nearly seems just like the Binance Launchpad is serving as a alternative for ICOs for 2019. Whereas STOs are changing conventional Preliminary Coin Choices, Binance launchpad permits for a way more broadly accessible platform to boost funding for a mission. Moreover, the tasks are vetted by the Binance workforce which dramatically reduces the probabilities of scams.
On the time of writing $BNB is buying and selling at $9.60, up nearly 3% prior to now 24 hours. Present buying and selling quantity is at $141m coming largely from Binance as anticipated.
Disclaimer: The writer might have a stake within the cryptocurrencies mentioned within the article. This isn’t buying and selling or funding recommendation. The above article is for leisure and schooling functions solely. Please do your individual analysis earlier than buying or investing into any cryptocurrency.