Binance Coin (BNB), Bitcoin SV And ChainLink Nearest To Their All-Time Highs
Binance’s Binance Coin is now emerging as the best performing cryptocurrency of 2019, despite its recent $40 million BTC hack loss. As per market data, it is the closest altcoin to its all-time high value, followed by Chainlink and Bitcoin SV. The BNB to USD exchange rate year-to-date high was at $38.646 in late May 2019. Its 2019 profits have therefore soared to the 550 percent mark, with a 116 percent rise in May.
Binance Coin (BNB) has the advantage of scarcity, burning 20 percent of all the BNB it acquires in fees, every quarter. The cryptocurrency exchange plans to burn its native tokens until there are only 100 million left. The resultant effect is the rise in demand for BNB against a steadily depleting supply. Eventually, the limited supply will force a price surge.
Binance Coin (BNB) acts as a discount token for Binance services users. A crypto user may purchase the digital currency to pay for listing or transaction fees. When used for various activities, users get valuable discounts, which make the token very attractive to active traders and market makers.
ChainLink’s Solid Fundamental Factors
Chainlink, on the other hand, has retreated from its May highs, but it is still a top performer each week. The Ethereum based token backs the decentralized oracle network that connects smart contracts with external data sources. The token has shown 99 percent gains weekly, raising the suspicions of a pump and dump scheme. The token, however, has solid and viable fundamental factors supporting its rise.
First, it Chainlink has been listed at Coinbase Pro, making it available to most of its users. Its New York State fans, however, have been left out due to the current regulatory issues going on in the area. The blockchain platform has also caught the attention of Google, which plans to integrate its technology to Google Cloud services. Chainlink's oracle services will, therefore, be used to feed BigQuery, the search engine's data analyzer.
Google announced its Chainlink interest on its Cloud blog, saying:
“We've demonstrated how to use Chainlink services to provide data from the BigQuery crypto public datasets on-chain. This technique can be used to reduce inefficiencies (submarine sends use case) and in some cases add entirely new capabilities (hedging use case) to Ethereum smart contracts, enabling new on-chain business models to emerge.”
Bitcoin SV Soars Amidst Controversies
Bitcoin SV delisting by Binance following Craig Wright's claim that he was the real Satoshi did sound a death knell for the token. The cryptocurrency has, nevertheless, come back stronger than ever peaking by high margins. Its rise has, however not been without controversy. There have been accusations flying around that “fake news” a Binance relisting was used to spike its volumes. Dovey Wan, a cryptocurrency analyst, for instance, did circulate an image that was doing its rounds in Chinese crypto social media. The image is thought to have been sent out to trick Chinese retailers into purchasing it.
Craig Wright has also filed a copyright registration for the Bitcoin whitepaper. The action pushed the Bitcoin SV higher by 80 percent, which was the actual start of the token's price comeback since its delisting from Binance.
Coinmetrics, a Blockchain data analytics firm has also issued a report showing that 96 percent of Bitcoin SV's transactions emanate from a weather app.
The report further states,
“A large portion of BSV's OP_RETURNS, for example, come from a weather app called “WeatherSV.” WeatherSV records and retrieves climate data on the BSV ledger. According to the WeatherSV website, a weather channel “can be activated for $5 AUD and includes approximately 142 days of hourly broadcasts, based on current fees.”