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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets
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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Binance Coin Rises on the Day Bitcoin Fails to Sustain above $10K

Yashu Gola
Yashu Gola
5 years ago
2 mins read

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Even though the valuation of all the cryptocurrencies combined fell by circa $8 billion on Monday, Binance Coin (BNB) emerged as a winner.

As of 1332 UTC, the ninth-largest crypto was trading at $24.81, up 1.68 percent into the day. It nevertheless did better against bitcoin, rising 5.17 percent to 0.0025 BTC as the latter corrected to lower $9,800s a day after breaking above $10,000. Elsewhere in the market, other altcoins – barring Tron’s TRX – noted a similar price drop.

binance, cryptocurrency, bitcoin
Binance Coin surged impressively against Bitcoin on an otherwise bearish day | Source: TradingView.com, Binance

BNB’s move uphill in both the dollar- and bitcoin-denominated markets added more than $200 million to its market cap. Meanwhile, it also brought BNB’s year to date gains up by 34.13 percent, signaling an overall optimistic buying trend in the market.

‘Futures’ Saves the Day

BNB’s jump occurred despite a wider intraday bearish sentiment in the cryptocurrency market. So it appears, the move closely followed the launch of BNB-linked futures contracts on Binance Futures on February 10. The digital asset derivatives platform had announced the launch late last week.

“We’ve introduced 16 altcoins to our platform as of today and have seen excellent growth in our altcoin trading volume, with some pairs quickly taking the number one spot in the futures market,” said Aaron Gong, Director of Binance Futures, adding:

“The BNB contract has been a highly-demanded product and will continue to grow the industry impact of Binance Futures trading platform.”

The service went live at 0800 UTC, leading speculators to believe that it would somewhat help increase the prices of BNB in the spot markets. That partly explains why the coin surged impressively even though its correlated rivals, including Bitcoin, fell.

Binance’s Corporate Expansion

Meanwhile, traders also assessed the possibility of Binance foraying into the cloud computing industry. Binance CEO Changpeng Zhao announced on February 7 that they would launch a new service, titled Binance Cloud. But the entrepreneur avoided giving any further details, only stating that he wishes to see the platform as “more of an infrastructure provider.”

People hold BNB because it’s scarce by Binance’s business model. The digital asset exchange periodically burns part of their profits (in BNB). At the same time, Binance ensures that BNB’s demand always goes up by letting traders use it as a reward/monetary token on its platform.

https://t.co/34rN2m5wIZ

— CZ 🔶 BNB (@cz_binance) February 7, 2020

Binance Cloud, albeit with its unclear business model, tends to conduct finances via BNB, thereby raising the use-case against a dwindling supply rate.

That leaves Binance Coin is a very bullish state for the year 2020.

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Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

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Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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