Binance Coin Up 120% Since January
Although the number one cryptocurrency, Bitcoin, has experienced both highs and lows over the last month along with other major cryptocurrencies, there’s one digital token that’s continued to enjoy healthy price rises since the beginning of the year.
BNB made its debut in the summer of 2017, and despite experiencing some volatility in its first few months, the virtual currency has enjoyed a steady rise since October 2017.
While Bitcoin and other major market players have lost around $5b in the last forty-eight hours, Binance Coin has shot up 16%, and since the beginning of 2019, it’s gained an impressive 120%.
In the past week, the coin has overtaken two of its rivals – Tron and Stellar – to take eighth place in the cryptocurrency market. It’s currently valued at $1.8b despite only being worth $800m at the beginning of 2019.
While the rest of the market has been fairly flat in recent months, the swift rise of Binance Coin in the last seven days has given hope to many crypto-traders and market analysts. eToro’s senior market analyst, Mati Greenspan, believes that “if the markets are moving, it means people are trading, and Binance has a big share of those volumes”.
BNB has proved particularly popular with new traders as it’s considered more stable than most other cryptocurrencies due to the fact that a single exchange backs it. The coin was established with a total supply of 200,000,000 and runs natively on the Ethereum blockchain.
BNB can be used not only to pay for trading fees on the Binance exchange but also to buy virtual gifts.
The cryptocurrency exchange plans to buy back Binance Coin with 20% of its profits every quarter and destroy them until only 100,000,000 BNB remain.
Although Bitcoin has proved far more volatile than Binance Coin and, therefore, subject to more dramatic price rises and slumps, it remains the number one cryptocurrency on the world market. While some industry experts have hinted that the cryptocurrency was a “failed experiment”, others remain more optimistic about its future.
One such supporter is the CEO of Twitter, Jack Dorsey, who has previously predicted that “the Internet will have a single native currency, which will likely be Bitcoin. In a recent podcast with Marty Bent called “Tales from the Crypt”, Dorsey admitted that he buys $10,000 of Bitcoin weekly.
Someone who doesn’t have anywhere near as much faith in Bitcoin is cryptocurrency trading specialist, Tone Veys. Earlier today, Veys issued a challenge to his Twitter followers, offering them $250,000 or 1 BTC if the coin fails to drop below $2,000 before the 2024 halving. However, anyone who accepts the bet has to pay Veys 100 BTC or $200,000 if Bitcoin drops under $2,000.
Veys recently won $10,000 from Doug Polk when he correctly predicted that Bitcoin would fall below the $6,000 mark before the end of 2019.
By Laura Kilby