Binance coin [BNB] added another feather to its cap after it surged and achieved a market cap of over $5 billion. The achievement comes the same year as when Binance launched its own decentralized exchange, DEX.
Binance today, is one of the world’s biggest crypto-exchanges in terms of trading volume. The exchange’s performance has had a positive influence on its native token, Binance Coin. Binance, alongside Coinbase, also enjoys the highest web traffic among all the world’s crypto-exchanges.
The overhead chart depicts BNB’s elliptical surge in terms of both value and market cap. BNB maintained a stable valuation throughout much of the year, even during the crypto-winter when a majority of coins dipped. In fact, Binance’s native token has surged by over 450% in 2019. At press time, BNB was priced at $35.69 with a 24-hour trading volume of $552.52 million. It had a market cap of $5.04 billion.
The main reason behind BNB’s surge is its migration from ERC-20 to Binance’s own blockchain. Also, as already discussed, Binance’s own performance has rubbed onto the performance and valuation of Binance Coin. Additionally, the migration of many other digital coins to Binance blockchain has also contributed to the success and growing popularity of the two.
The landmark was celebrated by many of Twitter, with a user commenting,
— DR.❄️ (@Dr_Yilmaz_PhD) June 13, 2019
Changpeng Zhao, CEO of Binance, was however humble and gracious about the achievement. He tweeted,
Lol, found out through this tweet. Focus on #buiding.
— CZ Binance (@cz_binance) June 13, 2019
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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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