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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

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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Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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