The Tie put out a tweet outlining the performance and sentiment surrounding Bitcoin, Ethereum, XRP, and Binance Coin, recently. Bitcoin, the cryptocurrency which started it all, had an amazing start to 2019, considering the prolonged bear market it was in before the dawn of the new year.
According to The Tie:
“Since January 1st 2018, Bitcoin has grown from 41.8% to 56.7% of overall crypto market cap. Over that same time period #BTC has seen its share of total cryptocurrency tweets increase from 39.4% to 48.1%. Interestingly though, Bitcoin has seen its share of overall cryptocurrency trading decrease from 48.8% to 32.5%”
However, considering the dominance of Bitcoin in the market, it reached a peak of 63% on May 14, but reduced thereafter. Bitcoin’s dominance rose drastically by 18.52% in over 133 days [4.5 months]. The price of Bitcoin started its parabolic ascent on April 1, and there was no holding for Bitcoin when it rose from approximately $4,100 to $8,000 in under 55 days.
The second largest cryptocurrency, Ethereum’s market cap dominance decreased from 22% to 10.05%, The Tie tweeted. It also noted that Ethereum’s tweet volume had seen an overall increase and was at 13%.
Unlike Bitcoin, Ethereum’s price and sentiment are both collapsing. The price of Ethereum has collapsed by 3.1% in the 24-hour timeframe.
XRP, once regarded as the coin that would overtake Bitcoin by their community, was the worst performer in comparison to Bitcoin or Ethereum. The Tie tweeted:
5/#XRP has fared even worse than Ethereum. Market cap dominance has plunged from highs of 21.3% to 7%, trade dominance is down from highs of 30% to 3.4%, and tweet dominance is down from 22.4% to 6.5%.https://t.co/tavvY3XTaq pic.twitter.com/HG7UIEYUX1
— The TIE (@TheTIEIO) May 24, 2019
In addition, The Tie outlined how Binance Coin was the best performing asset due to “its share of the overall crypto market cap increase 9x as the coin has more than tripled in value”. Moreover, it also mentioned that BNB’s overall Twitter volume increased by more than 10x and the trading volume increased by 3.5x.
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Whale Alert: Massive $300 million transfer takes place on Binance Chain; funds SAFU, says CZ
Binance, one of the world’s largest cryptocurrency exchanges, has been having a wonderful year in terms of new developments, such as their new Binance DEX and the massive growth of Binance Coin [BNB]. Binance’s native token has grown by approximately 500 percent in 2019 alone.
The exchange also recently announced the launch of BTCB, with an objective to provide a crypto-asset pegged to BTC’s value for trading purposes on Binance DEX, with the assets being backed by Binance itself.
Binance’s ecosystem is progressively active and it was recently observed and reported by Whale Alert, an online cryptocurrency-transaction tracker, that a sum of approximately $302 million, equivalent to around 8 million BNB coins, was transferred on the Binance Chain.
The transaction took place of 26th January 2019, with a time stamp of 07:52:56 UTC. It was sent from an unknown address, bnb1jkvrjawcd8wlugk8455wqjggxecyxj9uf0g7uy, to another unknown wallet, bnb13wmeg7ypkcr39wnzy2q02mku2qemnrm4kclezs, for a transaction fee of 0.000375 BNB. The block height of the transaction was #15820220, and it was deemed a successful one.
Following the massive transfer, Changpeng Zhao, CEO of Binance, responded on Twitter regarding the transfer and claimed that the current movement was a rotation of funds between some cold wallets.
CZ suggested with a linked tweet that the movement of funds should not necessarily raise any alarms as the funds were SAFU.
In another tweet, CZ stated that there were currently 4 addresses that were holding 8 million BNB coins each. A total of $32 million BNB was unlocked for the Binance team. However, it was understood that the tokens were not spent and saved in the addresses themselves.
It is speculated that CZ took the initiative to list the reason for the massive transfer as previously, huge BTC transfers, which included a Coinbase wallet transfer, was accused of market manipulation.
At press time, BNB coin was priced at $37.30, experiencing a hike of 1.87 percent over the past 24 hours.
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