Weiss Ratings Considers Binance Coin (BNB) Remains Steady Because Of Its Centralization
- Binance Coin remains strong due to its centralization claims Weiss Ratings
- Weiss Ratings provides information about the crypto market and independent analysis about cryptos
Binance Coin (BNB) one of the largest cryptocurrencies in the market remains strong due to its centralized nature. This is according to Weiss Ratings, the recognized independent rating agency that provides valuable ratings about virtual currencies in the market.
Binance Coin Centralization Is Positive For Its Price
According to a recent tweet released by Weiss Ratings, they inform that Binance Coin remains strong due to its centralization. They explain that its creators continue creating different use cases, which is positive for the digital asset.
The tweet reads as follows:
“Because #BNB is centralized, its creators are constantly creating new use cases for it, which increases its market cap and keeps the asset going. BNB is successful BECAUSE it’s centralized. Interesting.”
Because #BNB is centralized, its creators are constantly creating new use cases for it, which increases its market cap and keeps the asset going. BNB is successful BECAUSE it’s centralized. Interesting.#BinanceCoin #BTC #Altcoins #crypto #cryptocurrency
— Weiss Crypto Ratings (@WeissCrypto) July 25, 2019
Binance Coin was able to skyrocket in 2019 after reaching a bottom in December 2018. During this year, the digital currency was able to surpass its previous all-time high after many different announcements made by the cryptocurrency exchange. In April, Binance unveiled its decentralized exchange (DEX) and also its Binance Chain, the price of the digital currency expanded.
During the Initial Coin Offering (ICO) that the company held in 2017, the price of the BNB was close to $0.1 which means that it was very positive for those that invested on it during the ICO stage. Earlier this year, the price of Binance Coin fluctuated according to the different announcements made by the firm rather than by the general trend of the market.
The CEO of Binance, Changpeng Zhao, is always working trying to improve the presence that Binance Coin has in the market and how it is possible to increase its utility around the world. At the moment, investors can purchase BNB tokens in order to participate in Initial Exchange Offerings (IEOs) that are held on the Binance Launchpad. As users have to buy the coins and hold them for a period of 30 days, there is a lower selling pressure for BNB.
Finally, users can also use this digital asset to make purchases in many different shops around the world through companies that work with payment providers accepting BNB.
Currently, Binance Coin is the 6th largest cryptocurrency in the market and it can be purchased for $29. It also has a market capitalization of $4.52 billion and in the last 24 hours, it grew 1.03%, as reported by CoinMarketCap.