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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)?

Tron’s Justin Sun Calls Binance Coin the New Bitcoin — Is Now the Time to Invest?

  • Jack Thomas
    🤷 Opinions

    💥😎💣It is a big statement from Tron’s affable CEO, but is Justin Sun right in calling BNB the next Bitcoin?

Tron’s Justin Sun Calls Binance Coin the New Bitcoin — Is Now the Time to Invest?
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Ever since new blockchains and cryptocurrencies started rubbing shoulders with Bitcoin, there has been a rush to try and find the next big cryptocurrency that investors can get behind and profit off in the same manner.

No coins have really come close to the meteoric rise of Bitcoin, but a lot have been called the next Bitcoin by investors and traders alike. However, another prediction has been made about the potential next Bitcoin, and it has come from another big cryptocurrency.

Tron, the ambitious project of Justin Sun, which sits in the top 10 of cryptocurrencies by market cap, has had its CEO come out in praise of the BNB token, the native token of the Binance exchange.

It is hard to fault the BNB token, which has not only shown its value as a utility token, but also shown its favour as an investable asset as it continues to grow in value and interest. The BNB token is not like many others that have come before it, and this different face may well be the reason it takes off in a similar style as Bitcoin.

High praise

Binance’s own CEO, Changpeng Zhao, took to Twitter to retweet a Forbes article that was talking about how the BNB token was rallying despite a general downturn in the market. That alone shows just how different the BNB token is, in its ability to break the trend of the usually bound cryptocurrency market.

From there, Sun, of Tron, replied and congratulated Zhao, calling BNB the next Bitcoin.

These claims are often taken with a grain of salt based on where they are coming from and their hidden agenda. However, this claim may hold a little more water than ones in the past.

A new asset?

When Bitcoin began rallying and gaining traction, it was because it was an example of how blockchain can function, bringing decentralisation, transparency and immutability, in this case to the financial sector.

It had a good use case at the time that people were interested in it and that caused them to buy it up, forcing the big rally and a massive demand for the token. Nowadays, there are hundreds of coins that are trying to replicate Bitcoin with only slightly different changes.

These coins cannot purport to be the next Bitcoin as they are offering nothing new. However, Binance Coin is unique in its utility as it was designed to be used across the major cryptocurrency exchange. It has massive use, and it is becoming more and more desirable and demanded.

Matching Bitcoin’s rise may well be too much of an ask, but it would not be difficult to imagine BNB increasing substantially over the next year alone, and probably even further as the cryptocurrency market continues to mature.

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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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