In the past two days, Bitcoin and other major cryptocurrencies have lost some $5 billion as the bearish trend continued. Surprisingly, there is one green line among all the red lines, binance coin, the digital token from the world's largest bitcoin exchange, has risen 16% over the same period according to CoinMarketCap.
Binance coin was seen trading at $800 million at the beginning of the year and currently it is in the eight largest cryptocurrency by market capitalization with a total value of $1.8 billion. Binance coin crossed Stellar and Tron to reach the eighth position. However, bitcoin and other major cryptocurrencies are under the influence of the bear. bitcoin price has been on a steep downward trend since the beginning of last year after peaking at almost $20,000.
Mati Greenspan, senior market analyst at brokerage eToro stated,
"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,” he further added.
It’s been a successful year for Binance so far. Last month Binance launched the testnet of its decentralized exchange (DEX). Binance chief executive, Changpeng Zhao believes that the DEX will give more importance to speed, security, and user-friendliness. He offered $100,000 worth of binance coin as a reward for users testing the network.
Changpeng Zhao posted market growth of Binance coin on his official twitter handle,
The first generation cryptocurrency, Bitcoin [BTC] is currently in a long-running bear market, with some $400 billion in value wiped from the world's cryptocurrencies over the past one year. In 2017, Bitcoin was in the Bull Run and reached its highest ever. But, in 2018 the price faced a steep downward trend. Also, 2019 doesn’t seem to be a promising year for bitcoin, according to the experts from the crypto-world.