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Why Binance Coin (BNB) Will Skyrocket

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Binance Coin

The crypto space of 2019 is seeing a significant improvement in performance, coin prices, and investors’ behavior and feelings regarding the crypto market. Numerous coins have surged to heights not seen since mid-2018, nullifying the mid-November market crash in the process. However, with that being said, there are still periods of price corrections, one of which is affecting the prices right now, at the time of writing.

Even so, the performance of some coins is more interesting than that of others, particularly Binance Coin (BNB). The coin is seeing difficulties, but when we look at the bigger picture, Binance Coin is one of the cryptocurrencies with the most potential for further growth, and maybe even market domination.

Binance Coin’s current troubles

Binance Coin has been one of the best performers in the entire crypto industry of 2019. Considering the fact that there are over 2,200 cryptos out there — this is quite an achievement. It was made possible due to the fact that BNB decoupled from Bitcoin (BTC), meaning that it stopped following Bitcoin’s lead. This made it the only cryptocurrency right now to have done this successfully.

However, BNB is currently not performing so well, and for an obvious reason, too. The reason, of course, is the recent hack of Binance, the world’s largest crypto exchange, and the company behind BNB. The recent hack had seen 7,000 BTC stolen from one of Binance’s hot wallets, which is a minor amount for the exchange, but a massive one for investors that are expected to trust the exchange with their funds.

While Binance addressed and handled the situation quickly and professionally, the fact that even the largest and most trusted exchange can suffer an incident like this has left many concerns. As a direct result, BNB’s rapid advancement was slightly affected.

BNB will go to the moon anyway

With that in mind, many still believe that BNB will skyrocket before long, and they are likely right. The coin is one of the most promising cryptocurrencies in years, and it has massive use cases in the Binance ecosystem.

As many are undoubtedly aware, Binance has recently launched its own blockchain, its own DEX, as well as several crypto-to-fiat exchanges, one in Europe, known as Binance Jersey, and one in Asia, known as Binance Singapore. Many more are expected to arrive, but the point is that Binance’s ecosystem is growing at a rapid pace.

One thing that all of these projects have in common is BNB, which is the native, universal cryptocurrency of the entire ecosystem. As such, everyone who uses Binance’s exchanges or platform will have to go through BNB. Not to mention Binance Launchpad, a platform for holding token sales, which only gives trusted coins in exchange for BNB.

In addition, BNB brings major discounts to those who use it, and the coin’s performance is very promising. With all of these use cases, great progress, and the world’s largest exchange at its back — BNB is bound to head for the stars. Binance’s hacking incident did come as a concerning development, that much is true.

However, the exchange is one of the most capable entities in the crypto world, and will undoubtedly take every precaution that something like that never happens again. Not only that, but its Binance DEX, its decentralized exchange, removes such risks entirely, thanks to the fact that DEXes do not require traders to deposit their coins. In other words, Binance’s issues can be resolved, but the coin’s usefulness will not fade away. Instead, it is far more likely that BNB will be one of the biggest, most used, and most influential coins in the entire crypto industry.

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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

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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

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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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Altcoins

Solana Price Breaches $60 Amid a Symphony of Bullish Indicators

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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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