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Binance Coin (BNB) Spikes Up: The New Update Followed by a 15% Surge

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Binance Coin (BNB) has been one of the best-performing coins in the crypto market of 2019. So much so, in fact, that the coin managed to triple its price in less than three months. However, it does not appear that BNB is going to stop growing anytime soon, as the recent update to the Binance Launchpad brought yet another spike up for the coin.

On Saturday, March 24th, at around 09:00 UTC+01, BNB started its new massive 15% surge. The growth allowed the coin’s price to grow from $15 to $17.37, after breaching several significant resistance levels at $15.20, $16, $16.80.

The coin’s growth was stopped by a resistance at $17.40, and the growth was followed by a minor correction. However, BNB never dropped below $16.80, as the strong former resistance at this level now acts as just as strong support. The price then continued to rise once again, until reaching another resistance at $17.

Meanwhile, BNB coin’s price at the time of writing sits at $16.98, with a growth rate of 11.01% in the last 24 hours. The coin also has a fast-growing market cap which continues to approach $2.5 billion, currently sitting at $2,397,665,771, while its trading volume in the last 24 hours grew beyond $360 million.

The new events mark a 180% growth for Binance coin since the beginning of the year. There were many reasons for the growth, including an increased utility that continues to expand nearly every day.

Binance Launchpad gets a new update

Binance Launchpad is a well-known platform created by Binance crypto exchange — the same exchange that developed BNB, which currently acts as its base coin. The platform was created for launching new cryptocurrencies, and while it was created a long time ago, it was not used in 2018 due to the bear market and lack of trust and interest in the ICO model.

However, come 2019, the exchange decided to bring the Launchpad back, and it has seen massive success ever since. The Launchpad holds one token sale per month, and the plan is to do this every month in 2019. So far, it held three token sales including BitTorrent (BTT) which was launched on January 28th, Fetch.AI (FET) which was launched on February 25th, as well as Celer Network (CELR) which was launched on March 19th.

All three token sales were over in less than 15 minutes, with FET being completely sold out within 15 seconds. This brought a very valuable new use case to BNB, as new tokens can only be purchased in exchange for Binance’s native cryptocurrency. The success of the platform inspired other exchanges to come up with a similar concept, such as Huobi and Okex. Even so, Binance Launchpad remains a leading platform for launching new coins, with the massive excited community currently waiting for the next token sale announcement.

As mentioned, Binance Launchpad recently received a new update, one that brought several changes to the platform. The most notable one is a so-called ‘lottery system,’ which will replace the token serving scheme during token launches. Further, users interested in participating in the token sale will have to hold BNB at least 20 days prior to the new token sale. This will allow them to receive a particular number, not unlike a lottery ticket, which will depend on their BNB balance.

The winner of each ticket will get a $500 slot to buy whatever new token is on sale on the Launchpad. Meanwhile, those willing to participate will have to own at least 100 BNB in their balance. According to the coin’s current price, this will cost them around $1,700. However, it is also important to note that there is no guarantee of a return, or that they will win the opportunity to buy new tokens. All that this will provide users with is a fair chance to participate in the sale.

The community reacted to the new update with mixed feelings. Due to the fact that there are no guarantees that anyone will actually be able to buy new tokens, the risks are significantly greater. Further, small-scale investors are essentially robbed of the chance to participate at all. Many view this as Binance favoring the whales, rather than smaller investors.

The new criticism of the exchange also compares the hype to the one that surrounded the ICO model itself back in 2017. While the approach is undoubtedly innovative, there are those who view it as overly-complex and unnecessary. However, there is no doubt that it had a large impact on BNB demand, and in extent — its price.

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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

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

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Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

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Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

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Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama

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Altcoins

Solana Price Breaches $60 Amid a Symphony of Bullish Indicators

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Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.

SOL’s Bullish Cues

Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.

In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.

Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…

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