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$1 Billion in Profits and 3 More Reasons to Ditch Bitcoin (BTC) for Binance Coin (BNB)

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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

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

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Bitcoin

Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

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Bitcoin

Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…

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