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Binance Coin (BNB) Stops Following Bitcoin (BTC) — But is it Permanent?

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Binance Coin Bitcoin

Binance Coin (BNB) is currently one of the most interesting coins in the vast crypto market. However, the thing that makes it interesting is seemingly unique to BNB at this time, which is the fact that it managed to decouple itself from Bitcoin (BTC).

As many are likely aware of, Bitcoin is the first and the largest cryptocurrency. It is also the most valuable one, in terms of its price. As such, Bitcoin has been dominating the market, as well as dictating the market’s behavior. Whenever Bitcoin’s price goes up or down, the rest of the market tends to follow, and each coin’s chart resembles that of BTC — not completely, but enough for everyone to notice.

Binance Coin, however, is the first coin to successfully say ‘no’ to this trend, and resist the largest cryptocurrency. Many have noticed this phenomenon and were wondering what had caused it. So far, the only explanation is a large number of use cases that BNB now has, thanks to various projects.

Binance Coin use cases

Binance Coin was created by the largest crypto exchange by trading volume, Binance. The exchange developed it to be a native coin in Binance ecosystem, and it is being used within the exchange itself. Many have started buying the coin, as using it within the exchange grants a significant discount on trading fees. The discount is set to drop by 10% yearly, starting at 50%. In other words, it will be gone after the fifth year since the coin’s launch runs up.

However, Binance found a way to keep the coin relevant through a number of other projects. The first and largest one was Binance Launchpad, which is a platform that helps new coins hold their token sales. While the ICO model is not very popular these days due to the fear of scams, buying securities, and alike — things are a bit different when the token sale is supported by a large and trusted entity such as Binance.

Further, Binance Launchpad only allows Binance users to participate in the token sale, and the new tokens can only be purchased in exchange for BNB. This has given the coin a massive new use case, and every single one of the three token sales held in 2019 (the Launchpad sells one coin per month) was met with a huge demand which had the token sales done within 15 minutes.

The demand for new, trusted coins caused BNB to surge by trading volume, price, and market cap in 2019. So much so, that BNB tripled its own price within less than two months. Not to mention that this was back when the crypto winter still had a reasonably strong influence over the market. While Bitcoin was losing value or struggling to maintain its price, at best, BNB was flourishing, and it still remains one of the best-performing coins in 2019.

In addition, Binance also recently launched Binance Jersey — a new, Europe-oriented subsidiary that offers BNB/fiat trading pairs, thus allowing people to buy cryptocurrencies in exchange for GBP and EUR.

Not only that, but Binance also announced its own blockchain, Binance Chain, as well as its own decentralized exchange, Binance DEX. While both are still in the making, Binance DEX beta was actually released recently, thus providing traders and investors with an opportunity to test it and provide their feedback. Once the chain and the DEX go live, Binance Coin will serve as their native coin as well.

Doing so will give the coin a permanent use case, and it will transform Binance from a simple, centralized exchange into a community which will be built around BNB. All of this will give BNB numerous new use cases, and the coin can only go further up from here.

Finally, Binance also holds quarterly token burns, often burning millions of BNB tokens, thus ensuring that the coin will not suffer from inflation and that its price will remain high. With all of the projects and events surrounding BNB, it is hardly surprising that it is the top performer, as well as one of the largest cryptocurrencies by market cap.

Is the separation from Bitcoin permanent?

Now, this is the real question. Bitcoin’s strength is massive, and not a single coin managed to fully decouple from it in the past. Many have tried, and even succeeded for a while, but they all came back under BTC’s fold, eventually. There were a few examples of this prior to the crypto winter, as well as during the bull run of 2017.

For now, it is difficult to tell, but if any coin will separate itself from BTC and start carving its own path — it is BNB. The coin holds tremendous potential, and it might reach a value that its own community never dared to imagine. While it is possible that BNB will eventually succumb to Bitcoin’s influence once again, for now, the coin seems to be holding its ground and resisting the allure of the largest crypto. If it manages to remain that way, the separation might be permanent, and the coin will be the first crypto ever to successfully pull it off.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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