For the last couple of weeks, the crypto market has been bleeding and the result has seen the market wipe out over $10 billion. Top cryptocurrencies such as Bitcoin BTC, Ripple XRP, and Ethereum ETH continue to record losses and largely trade sideways. One coin that has resisted the bearish pressure around the market is Binance coin. In fact, in the last couple of days, the coin has been recording exponential growth. Unfortunately, although the coin has managed a top ten ranking, it is not as widely adopted or popular to trigger a wider market rally as the top five coins would. It is still unclear what exactly is driving this gains but whatever it is, it is allowing investors to continue to believe that the wider market still has a lot to offer.
At the time of press, the coin is recording gains of up to 8% and is trading for a little over $8.00. In the last 7 days, the coin has climbed from a little over $6.00 to a high of up to $8.36 before encountering resistance and settling a little under $8.00. The coin isn’t showing any sign of slowing down despite the wider bearish trend, however, this is expected to begin affecting Binance coin’s movement. If the bears are to get a hold of it, we should see it trade around the $7.50 range. If the surge continues, the coin should hit as high as $9 in the next couple of days, with a $10 position inevitable in the short term.
Binance coin was created by Binance exchange which is considered the largest crypto exchange in the world based on trading volume. The crypto exchange’s prominence has been one of key element boosting Binance coin’s surge. Although the exchange has been recording a drop in users, it has continued making developments and remains optimistic that the market will make a positive turn around. Today, the exchange announced the launch of the Launchpad project which is expected to bring together the machine learning (ML), artificial intelligence (AI) and decentralized ledger technology to create an economic internet.
Other than Tron and Binance, all other projects have been quiet in the development front, making it hard for the bulls to stir up movement. Because of this, Binance coin is expected to continue performing well as the exchange continues boosting its movement with positive news.