Weiss is a well reputed financial agency, which in its recent report suggests that the Binance Coin is the real market mover at the movement, and even dubbed it as the new Bitcoin. The comparison comes from the fact that Bitcoin is considered to be the king of crypto as well as the trade markets. Bitcoin is considered to be the main catalyst for any market movement be it bullish or bearish.
Binance Coin (BNB) has shown one of its kind of market movement throughout 2019, quite unperturbed with the other developments in the crypto space. While the cryptocurrency markets have been trying hard to see an upward movement after one of the longest crypto winters in 2018. But, whatever small and marginal gains were immediately neutralized by market pull back until April 2nd. On April @nd the crypto trade market was taken by surprise as the price rally made almost every crypto token to make double-digit gains and break their key upper resistance levels. The most important part, the market was able to hold onto its gains.
However, Even in the most bullish times of 2019, where Bitcoin made 26% gains and Bitcoin Cash gained 50% in a single day, Binance coin was ineffective and maintained its steady pace of around 10-16 percent. It also touched its al; time high price of $26 USD starting from around $0.009 in 2017. Weiss Ratings tweet read,
“It seems #BNB is leading the market now – when BNB is up, the market is up – and vice versa. Is BNB the new #BTC? “
The Comparison Was On The Cards
The binanace coin was launched back in 2017 by the Binance exchange as a utility token to be used on its network for ease of operations for consumers. However, over the years, Binance coin turned out to be a really valuable digital asset. The coin is already up by 300 percent this year itself which might give you an idea of its consistency and stability. Recently Binance also announced its decentralized exchanged platform along with Binance chain which is believed to have triggered another price rally for the BNB coin.
As reported by U.Today, BNB is so far only the second cryptocurrency that surpassed its ATH set during the peak of the bull market in January 2018. After allegedly decoupling from Bitcoin, Binance Coin is the boss right now, and other altcoins follow its lead.
However, there has been an increased number of comparison of altcoins with bitcoins and that does not really go down well with avid Bitcoin believers, who took the current BNB coin comparison with BTC with a pinch of salt.
The Rise Is No Fluke
If you are new to the crypto space and haven’t heard much about BNB coin, no worries as the rise of the BNB coun is no fluke. BNB started out at $0.009 and currently trading above $26, shows you how big leap it has made in just two years. However, there are various reasons behind it and there is no pump and dump game behind the presented rise of Binance coin. Binance exchange is one of the largest crypto exchanges with high trust values among its consumers. The exchange has meticulously well to create a complete exosystem of their own by launching a string of sidearms in the form of binance Academy, Binance Decentralized exchange, and Binance chain.
Binance is among the most trusted for its numbers in the day where different exchanges involve in several unethical means to inflate their trading volumes. Binance being on the largest crypto exchanges and Binance coin is the default token giving the value over the years that the coin is at today.