By
Mayowa Adebajo
April 19th, 2024
Binance Coin (BNB) has lived up to expectations by climbing into the top 10 cryptocurrencies list. The coin climbed to the 7th position and registered a significant gain.
The truth is, the last couple of days have been quite fruitful for crypto markets. With a dump last week and a whole seven days of consolidation many expected further losses. This didn’t happen and markets rallied again, led by one or two solid performing altcoins. Binance Coin has been among them as it breaks $2 billion market cap.
The last time BNB jumped over $15 was in early June 2018. Since then it has fallen to a low of $4.50 in mid-December before surging back to current levels. It has been one of the top performing altcoins of 2019 and has made a staggering 150% this year alone.
At the time of writing, BNB is changing hands at $15.21 with the market value of $2.2B. The coin moved to the seventh place in global cryptocurrency rating, leaving behind Tether, Stellar and Tron.
Launched in 2017 via ICO, BNB managed to grow ten times and become one of the most popular coins. The upside momentum is supported by two successful ICOs launched on Binance Launchpad and the introduction of Binance DEX.
Why Are Tokens Rising?
3 months in, 2019 has been quite an interesting year so far based on the prices of crypto assets. However, in terms of development, institutionalization, and adoption, the cryptocurrency sector has seen more progress in the past 3 months than in 2018.
Investors are seemingly becoming more confident in crypto assets that are continuing to build and aggressively demonstrate progress in innovation and development.
https://twitter.com/cz_binance/status/1103426394321674240?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1103426394321674240&ref_url=https%3A%2F%2Fwww.ccn.com%2Fbinance-coin-spikes-13-tokens-bitcoin-to-4200
Tron foundation’s CEO and founder, Justin Sun congratulated CZ for the achievement and called BNB the “new Bitcoin.” Sun tweeted:
Huge Congrats on $BNB, a new #Bitcoin❤
— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 5, 2019
Binance has been growing in popularity and Mati Greenspan, eToro’s senior analyst, had spoken about its industry dominance earlier. Greenspan said:
“Binance coin has been able to buck the crypto correlations principally because people buy it as a way of speculating on industry growth. If the markets are moving it means people are trading, and Binance has a big share of those volumes.”
Binance CEO Changpeng Zhao, who says BNB probably has more use cases than any other coin, is actively pushing for the adoption of BNB in the real world, with an increasing number of platforms announcing support for the coin in recent months.
What is interesting is that it’s not just the Binance Coin that flew to the moon in the last few days. A relatively silent cryptocurrency project has suddenly become a talk of the town thanks to a dramatic price rally.
ABBC Coin Skyrockets 65% in a Day
ABBC Coin has risen so much that it has left even crypto hotshots like Bitcoin and Ethereum behind, strictly per its 24-hour performance. On Thursday, the ABBC-to-dollar rate surged as much as 65 percent. At the same time, the coin’s market capitalization more than doubled as it rose from $135.82 million to $249.74 million. The upside push helped ABBC gain entry into the top 25 cryptos club.
One theory attached to the ongoing ABBC price surge is related to an airdrop while the other concerns a fake pump.
The ABBC Foundation – reminiscent of the Ethereum Foundation – announced that between Feb 20 and Feb 24, they were giving away 500,000 ABBC tokens via CoinBene, a Singapore-based crypto exchange with doubtful regulatory credentials. At the time of the distribution, the ABBC price was fluctuating between $0.068 and $0.106. After the giveaway was over, the price started rising, and by Feb 28, it marked a new monthly high towards $0.40.
Given the proportionality of the ABBC price rally, there is a possibility that it is entirely artificial. It indicates that individuals are buying their assets and promoting them on social message boards to create a buying hysteria, leading the asset’s price to go higher.
What is most likely that traders would exit their long positions at higher highs, or whenever the first of the first lower highs begin to form. That would influence others to drop their ABBC holdings for a decent profit as well.