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eToro Adds Its 13th Currency — Binance Coin (BNB)

Published

5 years ago

on

Binance Coin

A new statement published by a popular cryptocurrency trading platform, eToro, announced the listing of the platform’s 13th digital coin — Binance Coin (BNB). This has made eToro the second platform to allow users to trade BNB against USD.

eToro’s initial goal was to become a regulated securities broker. Because of that, it has the ability to offer security tokens to its users. However, it has become clear that it is also looking to become more deeply involved in trading cryptocurrencies. As stated, BNB is the 14th coin that the platform is now offering. Other cryptos that are listed on eToro include Bitcoin, Bitcoin Cash, Ethereum, Dash, Ripple, Stellar, Litecoin. Ethereum Classic, NEO, EOS, IOTA, Zcash, and Cardano.

Binance Coin is the safest crypto this year

eToro has, of course, conducted an analysis of each and every token prior to their listing on the platform. The same is true for BNB. However, what makes BNB unique is eToro’s belief that this is currently the safest cryptocurrency on the market. In addition, eToro also compared it to Bitcoin, stating that BTC has a rather wide presence, that investors need to be careful about.

In comparison, BNB’s volume is concentrated on its native exchange, but this makes it better in terms of security. Even so, eToro admits that this also makes Binance Coin vulnerable to potential internal issues. As a part of their statement, they also noticed that BNB’s coin supply is greater than that of Bitcoin. To them, this is an indication that BNB might surpass Bitcoin in terms of market cap as well. However, there are a lot of other cryptocurrencies that exceed BTC’s supply by far, and none of them managed to surpass its market cap, so this line of reasoning remains questionable.

In the end, eToro decided that the fact that BNB is limited to Binance is a positive thing. eToro’s managing director, Guy Hirsch, stated that the platform adds support for coins that, in their opinion, have a top product behind them, as well as a clear roadmap for that product. Due to the fact that Binance has been creating an innovative infrastructure for some time, eToro believes that their products are soon to be in great demand.

By adding BNB to their platform, the coin will also gain more exposure, and a large number of investors and traders will get the opportunity to start trading it. Considering that eToro has over nine million users around the world, this is more than likely to happen.

Still, it should be noted that eToro is a rather careful platform, which is why they will introduce a daily investment limit for Binance Coin, at least for a while. Additionally, they stressed that the asset may become unavailable from time to time, but this will not be the case when it comes to the closing of open trades.

As for Binance itself, its CEO and founder, Changpeng Zhao, stated that the exchange’s entire team is honored and excited about the new listing. Furthermore, the exchange believes in creating utility and value for their asset on a long-term basis, which is why they will continue to do so in collaboration with eToro.

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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

Published

4 months ago

on

December 27, 2023

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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

Published

4 months ago

on

December 22, 2023

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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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Solana Price Breaches $60 Amid a Symphony of Bullish Indicators

Published

5 months ago

on

December 1, 2023

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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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