Bitcoin
$1 Billion in Profits and 3 More Reasons to Ditch Bitcoin (BTC) for Binance Coin (BNB)
Truth be told, Bitcoin (BTC) is the safest cryptocurrency investment option out there. The digital asset has even been crowned King due to the simple fact that the crypto markets usually respond in tandem with the general action of BTC. Evidence of this is the recently delayed Bitcoin ETF announcement by the SEC that has led the market in a sense of turmoil for the last 3 days. BTC has since increased its dominance to over 48%.
But there could be another Crypto King in the horizon who is backed by a crypto exchange that expects $1 Billion in profits for 2018.
The exchange known as Binance was reported to be projecting annual profits for the year of 2018 that is to the tune of $1 Billion. The same exchange has a very stable coin that is used as a base pair on the exchange and to pay for trading fees. This coin is Binance Coin (BNB). This coin was how the exchange funded its ICO last year in July 2017. Therefore, backed by such a profitable exchange ($1 Billion in projected profits), BNB is sure to continue gaining in value for the foreseeable future.
BNB is currently ranked 16th on Coinmarketcap.com and valued at $12.39 at the moment of writing this. The total supply of the coin is 192.44 Million with a circulating supply of 95.512 Million. This then brings us to the second reason why BNB should become an investment option.
During the ICO, 200 Million BNB coins were minted in total. As illustrated in the project’s whitepaper, the exchange would burn some BNB every annual quarter till there were only 100 Million BNB coins remaining in the total supply. This means that the difference of 7.56 Million BNB seen above in the total supply, has been destroyed by the organization in the last year and they intend on continuing to do so. As the amount of BNB reduces in the markets, so shall the value of the coin with time.
A third reason why BNB should be on your radar is that the Binance exchange plans on extending its services by opening offices/exchanges in Uganda and Malta. This means more visibility for the exchange as well as new clients for trading. This will increase the trading volume and the use of BNB on the now global exchanges. The latter will increase its demand and its price.
BNB General trend for the past year. Source, coinmarketcap.com
Finally, and observing the general trend of BNB in the crypto markets, it has continually risen in value over the months due to the aforementioned reasons. Its history is of continual increment in value with time can be seen with the shared chart above. This means that the same trend of increased value will be observed in the future. BNB is, therefore, a better buy and HODL option than Bitcoin (BTC).
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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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Bitcoin price has been relatively stable over the past few days after volatility picked up during the weekend, pushing the price lower by more than 3%. At the time of writing, the flagship cryptocurrency, Bitcoin, was trading at $26,255.55. As it continues to dominate the crypto market, ranking 1st, its total market capitalization slightly declined over the past day to $5.12 billion. Additionally, the total volume of BTC traded over the same period slumped by more than 32%.
Economic Concerns
Data published on Tuesday showed that the Conference Board Consumer Confidence Index declined in September to 103.0, down from a revised 108.7 in August. This was its lowest level since May 2023 and marked two consecutive months of decline. The Present Situation Index, which measures consumers’ assessment of current business and labor conditions, rose slightly to 147.1 from 146.7.
The Expectations Index, which measures the consumers’ near-term prospects for business, income, and labor market conditions, dipped to 73.7 in September, down from 83.3 in the prior month. The Expectations Index fell below the crucial level of 80, which signals a recession within the next year. Consumer fears of a looming recession also ticked higher in September amid the short-term economic contraction anticipated in the first half of 2024.
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Bitcoin price jumped more than 3% on Monday, hitting its highest level since August 2023 ahead of the highly anticipated FOMC meeting. At press time, the premier cryptocurrency was trading 2.70% higher at $27,244.20. The digital asset has gained nearly 5% in the month to date and 64.71% in the year to date. Bitcoin’s total market cap has climbed by 3% over the past 24 hours to $531 billion, while the total volume of the asset traded over the same period increased by almost 100%.
Fundamentals
Bitcoin price was showing signs of recovery on Monday from the losses made in the last cryptocurrency market dip. Bitcoin flipped above the important level of $27,000, while Ethereum held above important support levels. The overall cryptocurrency market was in the green with the global crypto market cap up by 2% to $1.08 trillion for the day, while the total crypto market volume increased by more than 56%.
Even so, the Crypto Fear & Greed Index, which is a major measure of the crypto market sentiment by participants, was in a fear level of 38, almost like last week’s reading. This points to a continued decline in risk appetite by investors, which could prompt them to sell further.
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Bitcoin price has been showing signs of a potential short-term recovery over the past few days and even tapped its highest level in two weeks, above $26,500. The premier cryptocurrency has gained nearly 2% over the past week, erasing some of the losses made in the previous days. Even so, the asset remains 9% below in the month to date. Bitcoin’s total market cap has climbed by more than 1% over the last day to $518 billion, while the total volume of BTC traded over the same period decreased by more than 9%.
Inflation Concerns
Like most major altcoins, Bitcoin price noted a slight bearish initial response to the US Consumer Price Index (CPI) data published on September 13. Data released by the Bureau of Labor Statistics (BLS) showed headline inflation by the CPI came in at 3.7%, ahead of the predicted 3.6% year-on-year and higher than July’s 3.2% rate. Annual core CPI, which excluded food and energy prices, decreased to 4.3% in August, in line with forecasts and down from July’s 4.7% reading.
The Producer Price Index (PPI) data released on Thursday suggested bearable levels of inflation following a monthly increase of 0.7% and an annual increase of 1.6% in August. The monthly reading was higher than the estimated 0.4% increase. The core PPI came in at 0.2% for the month, in line with analysts’ expectations.
Retail sales data also published on Thursday…
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