Connect with us

Altcoins

Secret Behind Binance Coin: Why is BNB Outperforming Other Coins

Published

on

Binance Coin
READ LATER - DOWNLOAD THIS POST AS PDF

The crypto market has seen quite a lot of volatility in 2019, although not all of the price changes were bad, as they were in 2018. In fact, many coins saw significant growth. Bitcoin (BTC), for example, recently managed to breach one of its major resistance at $4,000. Many have predicted that breaching this roadblock will mark the next stage in Bitcoin’s growth, and potentially its return to higher levels.

However, while most of the market has been seeing significant gains in the past several days, one coin still outperforms them all — Binance Coin (BNB).

So far, in 2019, Binance Coin has shown a strong will of its own, often seemingly being immune to the market trends. While the coin did see a significant loss in 2018, it spent most of 2019 in recovery, even while the last remnants of the crypto winter still tortured the rest of the market.

Back in the early days of January 2019, the coin’s price was barely above $5. Now, however, only a bit over two months later, BNB price is at $15.86, and still seeing growth. The coin never suddenly spiked, but instead, its growth was steady and stable. Whenever it approached new resistance level, BNB would slowly carve its way through it, turning it into support, and continuing on.

But, what is allowing it to break free from the market’s grip and do its own thing?

Why is Binance Coin doing better than others?

The first thing to note is that BNB is a native cryptocurrency of Binance ecosystem. This gives it strong support, as well as a more tangible use case than most other cryptos. In other words, investors and traders can actually use it to buy things. And yes, while this is possible with Bitcoin as well, most other coins simply do not have any practical use, and all that people can do with them is HODL or trade.

Of course, it is not likely that anyone will be able to use BNB for paying for goods and services — that is still a Bitcoin-dominated realm, even though BTC itself doesn’t have as many use cases as its supporters would like. Instead, BNB is used within Binance exchange only, but that does not diminish its usefulness.

BNB can be used for buying other coins, as it is paired with a massive number of coins. It can also be used on Binance Launchpad, for buying newly offered coins in token sales. Finally, using it on the exchange provides several benefits, such as trading fee discounts, which many traders find more than useful. All of this gives it value, and in addition, Binance also occasionally holds token burns, meaning that a certain amount of BNB gets destroyed, which further increases the value of remaining coins.

Binance’s strategy with this coin has been flawless so far and developing it was the best move the exchange ever made. Because of it, it sees a lot more traffic than any other exchange out there, while the coin continues to gain value, supporters, as well as use cases. It will even be the base on Binance’s own blockchain, once it gets officially launched, as well as on Binance DEX.

If all goes well — and there is no reason to think otherwise — the pattern will certainly continue, and BNB will soon enough become one of the largest and most popular coin on the market. Many would argue that it already managed to achieve this, considering the fact that the coin is pretty young and it already sits at the 7th spot on the list of top ten largest cryptos by market cap.

For the latest cryptocurrency news, join our Telegram!

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.

Photo by Noelle Otto from Pexels

Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

Published

on

Aluna.Social
READ LATER - DOWNLOAD THIS POST AS PDF

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.

Mission Statement

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,…

Continue Reading

Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

Published

on

CoinFlip
READ LATER - DOWNLOAD THIS POST AS PDF

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…

Continue Reading

Altcoins

Can Libra help the crypto industry to reach new heights?

Published

on

Libra is motivated and determined to change the face of payment procedures across the globe and make the blockchain-based project the leaders of payments.
READ LATER - DOWNLOAD THIS POST AS PDF

The market for cryptocurrencies started with the launch of Bitcoin in 2009, and since then, so many cryptocurrencies have been launched that it gets hard to keep track of them. The crypto market has seen massive growth in the past 3-4 years as it started gaining attention from mass media, which helped in this boom.

From the past 2-3 years, several new cryptocurrency projects were launching in the market. Amid all this, the social media giant – Facebook announced the launch of their cryptocurrency platform, and this news got viral like wildfire. The announcement came forward in June, and the upcoming cryptocurrency is known as Libra, and it’ll come with its dedicated wallet called Calibra.

What is Libra?

Libra is a permissioned blockchain-based digital currency which is being developed under the supervision of Facebook’s vice president, David A. Marcus. The cryptocurrency is under development in partnership with an independent, non-profit member Libra Association. Facebook is the second member of the project, and these companies aim to use Facebook’s user base for the promotion of the digital currency when it is launched. The transactions and the cryptocurrency will be managed and cryptographically entrusted by the Libra Association.

Note: Libra Association was established by Facebook to look after the cryptocurrency and the transactions, and it was founded in Geneva, Switzerland.

The development of…

Continue Reading

Press Release