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Binance Suggest Causes That Drove BNB to Crypto Top-10 List

  • Yuri Molchan
    📰 News

    The other day, BNB managed to enter the top-ten list of digital assets on Coinmarketcap, here are possible reasons for that


Binance Suggest Causes That Drove BNB to Crypto Top-10 List
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Contents

On Wednesday, February 6, U.Today reported that BNB (Binance Coin), the native coin of the world’s largest crypto exchange, became the member of the top-ten list, having pushed out Cardano and Bitcoin Cash SV from their spots. Now BNB is in position #10.

The Binance team has suggested several reasons, how the recent Binance activities had pushed the situation to the current state of affairs.


Binance was launched just a couple of years ago but has managed to become the largest global exchange by trading volumes. Its BNB is already implemented by numerous services and platforms already, providing a great many of use cases for it.

Binance global expansion, fiat platforms, institutional investors

Binance is by itself quite popular. However, they have been making an aggressive expansion recently, setting up a Singapore-based fiat-to-crypto exchange and planning to open similar one titled Binance Uganda and Binance Jersey later this year, thus expanding their user-base.

For institutional investors, Binance have opened a system of sub accounts for over-the-counter trading. Besides, all Binance users can now buy crypto using their bank cards.

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ICOs on Binance Launchpad, BNB Charity

At the end of 2018, Binance presented to its community a new platform for helping new promising crypto projects take off – Binance Launchpad. A few successful ICOs have already taken place their, including the BitTorrent one (BTT), which was over in 18 minutes, leaving the majority of investors angry and unsatisfied though – due to technical issues. Many of them after that began accusing Binance and Tron in being a scam.

Also Binance became famous for its charity activities in 2018. In summer together with Tron raised substantial amounts of crypto, mainly in BNB, and transferred them to the victims of floods in Japan.

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It Could Take Bitcoin 22 Years to Retest Its ATH: UBS Analyst


It Could Take Bitcoin 22 Years to Retest Its ATH: UBS Analyst
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The fact that Bitcoin saw its price breaking above $5,000 at the beginning of April made everyone highly optimistic about the prospects of a full-fledged bull run. However, crypto bulls shouldn’t hold their breath since it could take decades for the number one currency to recover from its epic downfall.

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Bitcoin compared to other bubbles  

After comparing Bitcoin to other bubbles, UBS analyst Kevin Dennean came to a conclusion that BTC will most likely follow their lead, Business Insider reports.
However, here’s a catch – Bitcoin will have to undergo a long-lasting recovery, so it is not reasonable to expect another bull run in the nearest future. For comparison, it took the Dow Jones Industrials 22 years to reach its previous peak.   


‘We're struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are,’ Dennean claims.

Bitcoin compared to other bubbles  

Picture: ©FactSet

With that being said, it is still not guaranteed that a certain bubble retests its ATH even after decades since a big burst. Nikkei, despite reaching its 20-year highs in October 2017, was still 50 percent lower than its ATH that was recorded in 1989.

Nikkei

Picture: ©ATLAS

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When you lose, you win

During the peak of the crypto market, Bitcoin was frequently compared to the infamous tulip mania, but these two barely had anything in common (except for the horrible stability of value). Hence, it hardly makes sense to apply a certain pattern and expect Bitcoin to behave in a similar fashion to other bubbles.

Historically, enormous price crashes actually benefited Bitcoin. As reported by U.Today, Bitcoin trader recently noticed that the BTC price rise 5.1-16.89 times every 70+ percent plunge. Crypto bulls have every reason to expect a similar outcome this time around.

'Shadow of bull statue on texture tiles floor metaphor of bull market is coming for stock market or investment asset' image by 123rf.

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