The Rise of the Binance Coin
The Binance coin is threatening to move past the $10 level in a great showing of strength at a time of uncertainty for the block chain currencies. This move above $10 shows a bucking of the trend for Binance coins as it moved inversely compared to the difficulties that the block chain industry was facing this beginning of the year.
Binance coin increased 4.3% compared to the US dollar closing in on $9.95. An increase in market volume would indicate a building of momentum the coin which is creating a market for itself for the…
Recovery on the Way
The next few days saw an increase in both Ethereum and Bitcoin. Both Bitcoin and Ethereum climbed for the year as it went up 3.5% and 2.2% respectively. The rise the past two days is a positive sign of recovery for the industry that could lead to sustained gains.
Expansion of the Binance Coin
The rise of Binance and other block chains could be an indication of the expanding nature of the industry. Adding to this, the reduction of trading fees opens new doors for use of the token. There are even some who would like PayPal and BNB to work together. However, with the way the climate of industry is today, this is highly unlikely.
To BInance CEO, Changpeng Zhao, the rise of Binance coin can be attributed to the strength of the token. Zhao also suggests that the strength could be attributed to the fact that Binance coin is the strongest token in the Ethereum blockchain. It has a greater holding of the market as it significantly looms above TrueUSD, USD coin and Maker even though it has different audience altogether.
If the coin moves past the $10 level, there is some doubt over whether the momentum will continue. This level could be a peak for the currency, but it would not be surprising if there is more of an upward trend for the currency.