Although Binance Coin [BNB] began 2019 with a strong rally – its continuous decline in just one week bothers its holders. However, considering the earlier hacks in the industry, the stolen Bitcoins worth $40 million from Binance exchange would have affected the BTC’s price as well – but the case this time is quite different.
Binance Coin (BNB) Fell Down to 8th Spot
While Bitcoin’s $6K excites the market, as John Todaro, director of digital currency research for TradeBlock says, “$6k has been a key price level for bitcoin,“, on contrast, BNB, the native coin of one of the famous cryptocurrency exchange, Binance is on reverse race.
Binance Coin at the moment missed its long-standing 7th position and fell down to 8th position. Consequently, the steep decline of BNB led Tether (USDT) to jump to become the 7th largest cryptocurrency in terms of market capitalization.
According to data provided by coinmarketcap, BNB price has down above 8 percent within the past 24 hours which affected its trading volume. The coin is now trading at the value $18 against the US dollar which was once valued $26 and the present market cap counts lower than USDT’s trading volume.
BNB’s plunging price seen after the Binance hack incident – in fact, the unfortunate event directly affected the native token, Binance Coin. It is the same coin which was recently migrated from Ethereum to Binance’s own network chain, Binance Chain. The security breach announcement by Binance has certainly created a panic moment across the whole industry because the early success of Binance had captured the eyes of many investors – so as the investment into BNB coin.
As for now, BNB’s market is seeing constant declines which indicate two solid reasons;
- Binance’s security breach that resulted in the loss of 7074 BTC
- BNB’s migration from Ethereum Network to Binance’s own main net
Bitcoin is on Bull Race
Above all, BTC’s new rally is fortunate to the whole ecosystem, indeed Tim Enneking, managing director of Digital Capital Media also stated
Once bitcoin “definitively breaks overhead resistance,” it will “almost certainly” experience “a strong surge higher.”
Bitcoin after a day of Binance hack took a new movement in its price and records $6000 figure against US Dollar. In fact, it is breaking through a key resistance level and has set new records of $6269 at press time which several analysts predict – it will establish its substantial gains from now.
Bitcoin’s peaking price is influencing very limited altcoins this time – indeed, fortunate coins on the graph of coinmarketcap are Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Cardano (ADA) and IOTA under the top 15 list of largest cryptocurrency in terms of market cap.
So readers, do you think the crowning cryptocurrency, Bitcoin continues its bull rally.? What’s your take on BNB’s slipping value.? Let us know in the comment below
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com