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The Rise of Binance Coin (BNB) & Exchange Driven Tokens

Binance Coin (BNB), Cryptocurrency, Exchanges–As the crypto markets show a slight recovery from yesterday, with Bitcoin climbing above $4000 again to show a tentative trading range, a little talked about coin is leading the pack in 24 hour gains.

Binance Coin (BNB), the fourteenth largest currency by market capitalization, is up 13 percent as of writing, leaving some to wonder if the model of cryptocurrency is shifting away from the once stalwart approach towards transactions. Most investors have become familiar with stablecoins throughout 2018, with the high profile–and often controversial–Tether USDT holding the eighth largest position in terms of market capitalization. Compared to traditional cryptos, such as Bitcoin, Litecoin and XRP, Tether and the cadre of stablecoins offer relative price stability by pegging their value to an external source. In the case of USDT, the value of of one token is backed by that of a single U.S. dollar. Other stablecoins have experimented with gold and other precious metals, but the reliance upon familiar fiat choices has been the more popular route.

Binance Coin (BNB) operates in a similarly alternative sphere of the crypto-verse. Unlike Bitcoin, which was minted with the sole purpose of operating in the open market, BNB is a growing class of exchange-created and exchange-driven tokens. Like many other currencies minted within the last year, Binance Coin operates as an ERC-20 token built on the Ethereum foundation. While BNB can be bought, spent and traded just like any other crypto, it has the added benefit of providing greater utility on its native platform, such as a more popular trading pair than traditional fiat, and being used to pay trading and exchange fees.

In July, outspoken Ethereum founder Vitalik Buterin blasted the current state of cryptocurrency exchanges as being profit-focused as opposed to promoting the principles of decentralization, leading him to utter the now famous phrase,

“I definitely hope centralized exchanges go burn in hell as much as possible.”

In some respects, Buterin is justified in his criticisms of exchanges which have become the focal point for cryptocurrency and crypto-based adoption. Binance is on pace to top $1 billion in profits by the end of the year, with most exchanges reporting similar record revenues despite it being an abysmal year for cryptocurrency investors and the market in general.

However, currencies such as BNB–despite their close association with the conflicting nature of exchanges–are providing a broader glimpse at the function of crypto in the right context. In lieu of widespread and mainstreet adoption, the microcosm of exchange marketplaces show that crypto does hold a fair amount of utility when given a use. The price of BNB is on the rise, good enough to land in the fourteenth position by market capitalization, because of a recognition by customers that they are not only investing in price speculation for the coin, but that it will continue to deliver value on the established platform of Binance.

Other cryptos could find a similar following and benefit just the same as BNB. While most traditional media outlets have focused on the woe of the following prices for cryptocurrency into the final month of the year, industry stalwarts such as Mike Novogratz have pointed out the contradiction in value: that crypto adoption is broadening throughout 2018 despite the falling price. With real use-cases and an incentive to buy and use, transactional coins like Bitcoin will find their footing in the coming years.

The post The Rise of Binance Coin (BNB) & Exchange Driven Tokens appeared first on Ethereum World News.

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Binance Coin Price Analysis: Can BNB/USD Hold This Support?

Binance coin failed to break the $17.50 resistance and declined against the US Dollar. BNB/USD is currently holding a major support area near $13.50.

Key Talking Points

  • Binance Coin price failed to break the $17.50 resistance area and declined sharply against the US Dollar.
  • There is a new connecting bearish trend line in place with resistance at $14.50 on the 2-hours chart of BNB/USD (Data feed via Binance, price calculated by Trading view).
  • The pair must stay above the $13.50 and $13.30 support levels to avoid more losses.

Binance Coin Price Forecast

In the last analysis, we discussed an important resistance near $17.50 in Binance coin price against the US Dollar. The BNB/USD pair attempted an upside break above $17.50, but buyers failed to gain momentum.

Looking at the chart, the price was clearly rejected from the $17.50 barrier. As a result, there was a sharp bearish reaction and the price tumbled below the $16.00 and $15.00 resistance levels.

Binance Coin Price Analysis BNB

It traded close to the $13.50 support zone and settled below the 100 simple moving average (2-hours). A new low was formed at $13.28 before buyers appeared. BNB price started an upward correction and moved above the 23.6% Fib retracement level of the last decline from the $17.45 high to $13.28 low.

However, there are many hurdles for buyers near the $15.00 level. More importantly, there is a new connecting bearish trend line in place with resistance at $14.50 on the 2-hours chart of BNB/USD.

The pair also faced sellers near the 38.2% Fib retracement level of the last decline from the $17.45 high to $13.28 low at $14.85. Therefore, it seems like the price needs to clear the $14.50 and $15.00 resistance levels to recover further in the near term.

On the downside, the $13.50 and $13.30 support levels hold a lot importance. Should binance coin price fails to hold the $13.50 support, there could be more declines towards the $12.00 level in the near term.

The market data is provided by TradingView.

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Binance Coin Price Analysis: BNB/USD Approaching Crucial Resistance

Binance coin is moving higher and is currently placed nicely above $16.00 against the US Dollar. BNB/USD is approaching a major hurdle near $17.50 where sellers might appear.

Key Talking Points

  • Binance Coin price started a major upside move from the $13.50 support area against the US Dollar.
  • There is a major bullish trend line in place with support at $16.50 on the 2-hours chart of BNB/USD (Data feed via Binance, price calculated by Trading view).
  • The pair may continue to move higher towards a monster resistance area near $17.50.

Binance Coin Price Forecast

There was a solid support base formed near the $13.50 level in Binance coin price against the US Dollar. The BNB/USD pair formed a double bottom pattern around the $13.50 level and started an upside rally.

Looking at the chart, the price gained bullish momentum and broke the $14.00 and $15.00 resistance levels. There was also a close above the $16.00 barrier and the 100 simple moving average (2-hours).

Binance Coin Price Analysis BNB

The price even broke the $16.27 swing high to open the gates for more gains in the near term. At the moment, the price is trading near the 1.236 Fib extension level of the last decline from the $16.27 high to $13.51 low.

However, the BNB price is facing a major barrier on the upside around the $17.50 level. The stated level acted as resistance earlier as well and prevented gains towards $18.00.

Should binance coin buyers succeed in breaking the $17.50 resistance, the next hurdle is around the 1.618 Fib extension level of the last decline from the $16.27 high to $13.51 low at $17.97.

On the flip side, if the price fails to move past the $17.50 resistance level, it could correct lower. There is a major bullish trend line in place with support at $16.50 on the 2-hours chart of BNB/USD.

Overall, binance coin price remains well supported on the downside above $16.00, but an upside break above $17.50 won’t be easy in the near term.

The market data is provided by TradingView.

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Binance Coin Hits Record High Against Bitcoin

Binance coin (BNB), the token launched by the world’s largest cryptocurrency exchange Binance, has hit an all-time high against bitcoin.

BNB achieved the new milestone of 0.002287 BTC at 10:45 UTC Wednesday, and was last seen changing hands at 0.0022 BTC on Binance, up 8 percent since yesterday.

The sharp rally pushed BNB’s market capitalization to a five-month high above $1.9 billion, making it the 17th largest cryptocurrency by market capitalization.

Further, the rally is backed by a 155 percent rise in trading volume over the last 48 hours, so the stellar gains look sustainable.

Meanwhile, the binance coin-U.S. dollar (BNB/USD) exchange rate hit a 5.5-month high of $17.60 on Binance and was trading at $16.74 at press time – up 15 percent in the last 24 hours.

A detailed look at the individual markets reveals that the BNB/BTC and binance coin-tether (BNB/USDT) pairs account for more than 85 percent of the total BNB trading volume ($0.148 billion) seen in the last 24 hours.

Balloon image via Shutterstock

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