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Binance Coin (BNB) is Spiking Big Time: Here’s Why

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Binance Coin
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Binance Coin represents a native token of one of the biggest exchanges in the market, Binance platform. As such, this token comes with a high level of stability in the market as well as with several trading perks in case you chose to pay your fees with BNB on Binance exchange. Binance coin thus makes up for a rather stable coin as Binance arranged its native token to represent a form of amenity on their exchange, so BNB seems to be in a continuous demand in the market. However, BNB showed an extraordinary move in the market for the past couple of days with radically increased trading volumes in the last three days while reaching a flattering price in the meantime. Here is how BNB managed to do so.

Binance Coin Makes a Remarkable Performance

For the past three days, despite the ever so sluggish market, Binance Coin has been showing some amazing performance as it marked radically increased trading volumes during the mentioned period of time.

During the last 72 hours, BNB has had an inflow of buyers causing its trading volume to jump up to and over 300% in the mentioned period alone, which as a consequence helped BNB rise up to the surface of this weeks’ top gainers.

In the last couple of hours, BNB marked a rise of only 1.50% against the dollar, however, Binance Coin made it with over 12% against the dollar yesterday, while it gained almost 5% against this fiat currency the day before.

All these gains collided to crown BNB with a new flattering price of 16.63$ per one unit, which is pretty close to its all-time high of around 21$ per one BNB, which was set back in January.

Binance makes up for a rather young coin when compared to the majority of currencies on the top 20 list, however, it is evident that Binance’s baby came a long way since the first time it was launched.

Binance Coin and the Reason Behind the Recent Spike

As Binance Coin represents the native token of the Binance exchange platform, there are some perks that come with BNB in case you decide to use it for paying for your exchange fees while trading on the mentioned exchange market.

Since there are discounts on fees if you decide to pay with BNB, many investors, those that make big investments, in particular, are more likely to decide to go for buying BNB as well.

That way, the investors get cuts on their fees, while also being able to hold onto BNB for the purpose of investing and HODLing.

One of the reasons for having BNB spiking radically for the past couple of days while gaining over 3o0% increase on its trading volume in the past three days is the fact that Binance has been proactively adding new listings to its platform.

That is how in the past couple of days alone, Binance has added three new digital assets, while providing trading pairs in ETH and BTC for QuarkCoin, BNB, BTC and ETH for SingularityNET, as well as BNB, BTC and ETH trading pairs for the newly added Nexus coin.

However, it is less likely that the trading volume of these small coins affected the trading volume of BNB at such a radical level. There is an explanation for that as well since the new listings weren’t the only thing occupying Binance exchange.

Apparently, as of the most recent case, Binance has added new trading pairs for IOTA, Ripple, Stellar and TrueUSD, which seems to be more likely the reason why BNB has had an amazing return in the last couple of days.

Binance Coin and ChiliZ

One of the factors that might have also affected the rise in the price of Binance Coin might be the latest announcement about the new partnership that was sealed two days ago with an announcement that came out on June 5th.

The announcement stated that Binance coin is ready to enter the entertainment industry with starting their new milestone by sealing the deal with a company called ChiliZ.

ChiliZ is one of the branches in a massive entertainment and sports company based in Malta, called Mediarex.

With Mediarex and ChiliZ, Binance coin is aiming at bringing blockchain technology to the gaming industry in Malta and beyond. It is easy to conclude how these factors positively affected the price of BNB while setting the right mood in the market towards hitting the price of 16.63$ per one unit.

In case BNB continues to rise at this rate of growth, this year might be the last train to buy Binance coin before it becomes a huge deal.

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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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Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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