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New! Bitcoin Price Prediction: $3,600 BTC Price Is a Very Likely Scenario. When to Invest in Bitcoin (BTC)?
New! Bitcoin Price Prediction: $3,600 BTC Price Is a Very Likely Scenario. When to Invest in Bitcoin (BTC)?

Binance Coin Price Skyrockets, Up Almost 20% Despite Most Other Coins in Red — What Is Driving Continued Growth?

  • Darryn Pollock
    🤷 Opinions

    😎😎😎Binance Coin has been steadily growing over the past few months and is now bucking the red market by spiking 20%

Binance Coin Price Skyrockets, Up Almost 20% Despite Most Other Coins in Red — What Is Driving Continued Growth?
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In general, the cryptocurrency markets are showing minor losses across the board, barring a few exceptions. One of these exceptions that is totally bucking the trend is Binance Coin — the native token of the Binance exchange is skyrocketing.

Over the last 24 hours, Binance Coin has grown nearly 20 percent, and is steeply climbing still at time of publishing. The coin is currently at $13.39 per coin, and this represents a seven month high, with the coin last hitting this price against the USD in August last year.

Binance, the exchange, has shown its success in the past year or so, and part of that success was based off its token, the Binance Coin. Now, the same coin is marching at its own beat, managing to go green in a big way despite a generally red day in the markets.

“Progress, slowly but surely”

Personable CEO of Binance Changpeng Zhao has also made note of the progress in price of his native token. Tweeting a graph of the recent growth, ‘CZ’ is clearly proud of the growth of the token, which correlates to the growth of his own cryptocurrency empire.

 

The exchange-backed token is flying at the moment as it surges past Stellar and Tron to take eighth spot by market cap, which is currently $1.7 billion. Zhao’s current AMA and recent DEX announcements are driving momentum for BNB, showing a clear link between the success of the exchange and the token.

A new investment?

The BNB token is an interesting one for investors as its primary purpose is to be a utility token. It was used to grease the wheels of the Binance exchange, allowing people to utilize it for frictionless and fee-less trades.

It has now become more than just that. The token itself is a representation of a successful business and should almost be viewed as an intangible asset of Binance. For investors, it can be likened to a stock and while Binance keeps thriving, so should the token.

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Ripple’s Market Cap Further Slips Behind Ethereum as XRP Price Prediction Stalls

  • Jack Thomas
    🤷 Opinions

    📊👀Ripple’s Market cap, through its XRP token, was ahead of Ethereum at a few stages, but its price prediction has slowed and come under pressure from resistance below the $0.33 mark, and in doing so, Ethereum has pushed higher into second place

Ripple’s Market Cap Further Slips Behind Ethereum as XRP Price Prediction Stalls
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Ripple, and its native token XRP, have been stuck in a bit of a price vacuum over the past few weeks and months as many other coins have managed to break such marks. Sitting between $0.30 and $0.33, XRP has actually started to even lose ground on Ethereum in terms of market cap.

The third-ranked coin by market cap has in the past managed to over take the smart contracted-based blockchain as it surged in interest and growth in the recent past, but now it has fallen back by nearly $2 billion.

In terms of price prediction, XRP has a lot of hope and positivity surrounding Ripple’s efforts to make it a staple of banks going into the digital age, but it has stalled in its own growth recently, which is surprising seeing as other altcoins have doubled in 2019 alone.

XRP’s sticky situation

There was a small drop in the market last week which was halted when Bitcoin managed to keep above $4,000, but XRP also tested an important resistance. After testing the $0.3000 support, XRP’s price started a short term rebound against the dollar.

The price traded above the $0.3050 and $0.3080 resistance levels. The price even traded above the $0.3100 level, but it faced a strong resistance near the $0.3120 level. Besides, the price even failed to test the $0.3120 level and the 100 hourly simple moving average. A high was formed at $0.3113, and later the price started a downside move.

XRP is especially low currently, testing its floor rather than the ceiling, which has been seen closer to the $0.33 mark, but what is not helping the coin get past any of these resistance marks is its drop in market cap.

Ethereum taking the initiative

It is difficult to tell if Ethereum is making ground on XRP’s market cap based on its own growth – which has not been astronomical in terms percentage gains in the last few weeks – or if it has to do with XRP losing its own worth and value in the eyes of the market.

Ethereum is facing some major changes in the near future, and it could be that early investors are starting to look for a cheap deal as they prepare for the Casper upgrade and the change to Proof of Stake. Ethereum is bound to make big ground when that happens.

Ripple may not admit it, but having XRP as the second ranked coin above Ethereum would be a big deal for them as it adds a lot of legitimacy in the general market and helps in boosting their own worth and value as a company looking for more partnerships.

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