The cryptocurrency market may not be in the best of positions right now in terms of valuation, as prices have considerably slumped across the board. The market leaders, especially Bitcoin, Ethereum, and Ripple have all shown signs of a struggle. While many cryptocurrencies are facing the effects of this price slump, the Binance Coin, or BNB tokens are considerably doing well. Analysts have sighted many reasons behind the stability of Binance Coin, one of them being the nature of the coin. As of 18/06/2018, Binance Coin’s value is $17.01 USD, placing it comfortably within the top 20 cryptocurrencies according to coinmarketcap.
The Binance Coin has been largely overlooked by a majority of the global crypto-community, with only a minority portion enjoying the various benefits it has to offer. With this in mind, Binance Coin can be regarded as a profitable investment for the rest of the year, due in part because of its massive media interest as well as an all-time high, reached last Monday. Indeed the BNB/BTC pair has been receiving quite the push in recent weeks, fuelled by some important factors listed below.
Binance Coin: Judicious Investment
Much of Binance Coin’s success can be attributed to its parent exchange Binance’s success. In the first quarter of 2018, it was reported that Binance had achieved a turnover that has dwarfed that of several high profile banks of the world including heavyweights such as JP Morgan, Deutsche Bank etc. There are two main driving forces behind the success of Binance Coin, which are discussed in brief below.
- The Role of Binance Cryptocurrency Exchange: As mentioned before, Binance Coin (BNB) is the native currency of the Binance cryptocurrency exchange, arguably one of the largest and well-known exchanges of its type. As of 2018, the daily trading volumes on the platform reached close to $2 Billion USD, offering more than 100 crypto-pairs to its users. The Binance team introduced the BNB token back in mid-2017 as the platforms native token, offering various discounts, bonuses and other advantages to its users. Because of this, analysts have unanimously agreed that the price of the coin will grow as Binance gets more customers in the near future.
- Addition of Coins: Unlike other well-known crypto exchanges like Coinbase and Bittrex, Binance has remained undeterred by the various KYC/AML restrictions in place. This has allowed Binance to add 15 new tokens to the exchange which will directly result in the appreciation of BNB’s value.
This phenomenon has already been experienced in the last 2 months, where BNB has seen an increase of over 50% of its value. As BNB coins are almost a necessity on the platform, the higher rate of adoption will drive its prices even forward.
Current Market Scenario:
Binance Coin’s value has remained stable despite the market downtrend. This is because the Binance team has made sure that its users are actively trading on the exchange. Besides conducting regular airdrops, Binance has reinstated the community coin of the month, a voting contest to get a particular coin listed on the exchange. All of this has raised a great degree of positive sentiment from the market, which in turn adds to the coins stability.
As discussed above, various factors have made Binance Coin a favorable asset to hold in the forecasted bearish market for the rest of the year. Especially for someone, looking to hold value in this bearish market, Binance Coin is the answer. It is estimated that Binance Coin’s value would soon cross the $20 mark and could further soar higher as the overall market breaks upwards. For the time being though, Binance Coin looks to stay good, especially since it is backed by such a popular and heavily traded exchange such as Binance.
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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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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…
Cryptocurrency Collateralized Debt Positions Are Growing in Popularity
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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