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VeChain and Binance Coin [BNB], double-digit gainers of the top 20 cryptocurrencies

Simran Alphonso

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VeChain and Binance Coin [BNB], double-digit gainers of the top 20 cryptocurrencies
Source: Pixabay

The past week has been bullish for the crypto-world considering Bitcoin [BTC] breached the $8000 resistance. As the enthusiasm spread, Bitcoin on 26th July dropped back to the below-$8000 cage. Tokens such as Vechain and BNB, however, are surging in double-digits with a 41.56% and 11.08% jump respectively.

Top 20 currencies chart | Source: CoinMarketCap

Top 20 currencies chart | Source: CoinMarketCap

VeChain was ranked #18 but due to an increase in its market cap, it jumped to #17 pushing BNB to its previous position. Both the tokens have a very close market cap.

Vechain's 7-day chart | Source: CoinMarketcap

Vechain’s 7-day chart | Source: CoinMarketcap

In the 7-day chart of VeChain, as noticed, the token pumped over the week. On 20th July the token started its week with the trading price of $1.64 and escalated to $2.62 on 26th July. The token in a week gained over $500 million as it entered the $1 billion club of market caps.

This week was crucial for VeChain as the coin resumed its trading for the migrated new VET-VTHO tokens on exchanges such as Binance and Huobi.

On 25th July, Binance and VeChain decided to support the distribution of VTHO to VET holders. Binance announced to distribute VTHO on a monthly basis, which will be calculated based on daily snapshots of each user’s VET balance. To commemorate and celebrate the launch of the VeChain Mainnet, VeChain provided 100 million VTHO tokens to be airdropped to all VET Binance users.

According to many in the community, the pumping of VeChain accelerated post these announcements, which led it to be this week’s top double-digit gainer.

Binance Coin's 7-day chart | Source: CoinMarketCap

Binance Coin’s 7-day chart | Source: CoinMarketCap

BNB started its week at $12.27 and as observed gained over $1, which surged its price to $13.80. The market cap of BNB gained the value of over $135 million in a week.

Recently the news of Binance entering the South Korean market was out. It was reported by a local news portal, ‘Korea Business’ but has not been confirmed by Binance as of yet.

The platform recently also included the Korean Language to their website. The CEO of Binance, Changpeng Zhao, spoke about the importance of the South Korean market during the Blockchain Partners Summit in Seoul. As speculated Binance’s potential will be seen in the Korean markets.



At press time, VeChain had a trading price of $2.32 with the market cap at $1.28 billion, the token had a pump of 8.74% in its daily cap while the weekly cap still runs green with a massive 40.20% jump. On the other hand, BNB is currently being traded at the price of $13.55. The token is pumping with a surge of 10.75% in its weekly cap.

UPDATE: VeChain is back to its position of #18 while BNB is at #17





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Altcoins

EOS, Tron [TRX] and Ethereum [ETH] are top three cryptocurrencies, says China’s CCID Group

Akash Anand

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EOS, Tron [TRX] and Ethereum [ETH] adjudged top three cryptocurrencies by China's CCID Group
Source: Pixabay

Analysis of the cryptocurrency market by various global entities has been a standard procedure for a lot of organizations to keep track of the updates and developments in the field. One such major analyst is China’s CCID Group, which works under the Xi Jinping-led country’s Ministry of Industry & IT [MIIT].

In the latest edition of CCID’s Global Public Blockchain Technology Assessment Index, it was stated that EOS retained its title as the best cryptocurrency according to three factors assigned by CCID. The three factors were basic technology, applicability, and creativity, criteria that are aimed at assessing the most effective digital assets in the market right now.

In terms of basic technology, EOS scored a whopping 103.7, making it the only cryptocurrency to breach the 100-mark. It received a score of 20.2 and 24.7 when it came to applicability and creativity, respectively. The surprising result of this assessment was that Bitcoin [BTC], the largest cryptocurrency on the charts, did not even feature in the top-10 of the CCID rankings.

According to the analysis, Tron came in second with a Basic tech score of 95.6 and an applicability score of 24.3. Tron CEO Justin Sun had stated multiple times that EOS and Ethereum were Tron’s biggest competitors, but it turns out that it had the lowest creativity score among the three, clocking 24.1 to Ethereum’s 31.0.



The third-ranked cryptocurrency was Ethereum [ETH], sticking to the trend as all the three cryptocurrencies were focusing on DApps. Despite being third in the rankings, Ethereum had the lowest basic tech score, with its 76.6 being lower than that of relatively smaller coins like Steem and Ontology.

There seem to be some connection with DApps and the CCID rankings as these applications slowly entered the main fore in the cryptocurrency environment. Sources informed that Tron DApps had recently surpassed that of Ethereum and EOS in terms of weekly active and new users.





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