2019 has been a good year for the cryptocurrency space, with several digital assets posting significant gains after the troubles of the crypto-winter towards late-2018. Parallelly, crypto-exchanges have been making waves in the industry as well, with Binance launching Binance DEX and the GBP-backed stablecoin in the works. Binance’s native token, Binance Coin, surged by more than 450 percent in 2019, at press time.
According to a recent report, EXANTE, a financial investment company, has announced the launch of a new investment fund that will be directly pegged with Binance Coin [BNB]. Speculators believe that the announcement may have a positive impact on BNB’s price valuation, as the decision serves as a new gateway into the crypto-ecosystem for new investors. EXANTE customers already have the option to trade with over 20 other investment funds, pegged to other virtual assets.
EXANTE also shares headquarters with Binance in Malta, and was one of the first investment companies to start a Bitcoin fund back in 2013, when the concept of Bitcoin was not widely understood.
Additionally, the BNB coin has surprisingly gathered tremendous attention in terms of mass adoption, with the latest development allowing it to be traded using Visa and MasterCard. This association is thus considered a major landmark in terms of mainstream adoption and involvement of non-crypto players.
The future seems bright for Binance as it currently stands as the largest cryptocurrency exchange in the world, while BNB maintains an upward growth trajectory in terms of value and popularity. Given BNB’s stellar performance in 2019, industry expert speculate the company will soon peg Binance next to their investment funds.
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Top Losers: Ethereum, XRP, and EOS bleed as crypto-market follows Bitcoin’s lead
The cryptocurrency market has been enjoying an unprecedented bull run over the past few months, a trend that reached its apex when Bitcoin briefly touched the $13,000 mark on Binance. However, on June 27, the market witnessed a trend reversal, with the bears returning to the world of digital assets.
Apart from Bitcoin’s price dropping by over 5% in an hour, popular altcoins like Ethereum, XRP and EOS also suffered a hit in value, with the bears ravaging all coins in the top ten cryptocurrencies club.
At the time of writing, Ethereum had fallen from $331.39 to $321.52 within an hour. This whopping 9.87 percent drop contributed to its market cap settling at $34.35 billion. The second largest cryptocurrency held a 24-hour trading volume of $106.66 million, a decent amount when compared to its figures during the bear market.
A majority of the volume was held by DOBI Exchange, a popular cryptocurrency exchange which controlled $636.38 million of all ETH trade. DOBI was followed by Huobi Global, with a 3.3 percent hold on all Ethereum transaction volumes.
The next altcoin to be affected by the sudden bear market was XRP, which fell by 6.67 percent in the hourly cycle. At press time, XRP was trading at $0.42, a far cry from the $0.47 it was trading at 24 hours ago. The cryptocurrency had a market cap of $18.22 billion and a 24-hour trading volume of $3.27 billion. BW.com, a relatively unknown cryptocurrency platform, controlled a majority of XRP trade with $232.13 million in ETH trading volume.
EOS was the third most affected by the bears’ attack, as the cryptocurrency fell by 3.41 percent in 50 minutes. EOS was trading at $6.446, with a market cap of $5.97 billion. The $5.29 billion trading volume was majorly split between LBank and Huobi Global, both of which recorded 9.48 percent and 5.75 percent in EOS trading volume, respectively.
The sudden market crash was speculated to be a major correction of prices after a sustained period of bullish rise by the coins. This fall coincided with predictions made by popular analysts and traders who had previously claimed that Bitcoin and the rest of the market will go through more bear runs, before they reach their all-time highs.
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