While Bitcoin and other major cryptocurrencies have lost some $5 billion over the last 48 hours as a long-running bitcoin sell-off again bears down on the market. Binance coin on the other hand there is one bright spot of green in the now familiar sea of red.
The digital token from the world’s largest bitcoin exchange has risen 16% over the same period and is up an eye-watering 120% since the beginning of the year, according to CoinMarketCap, which tracks most major cryptocurrency prices.
Over the recent days, binance coin has surged past stellar and tron to become the eighth largest cryptocurrency by market capitalization, with a total value of $1.8 billion, up from just $800 million at the start of the year.
Whereas the bitcoin price has been on a steep downward trend since the beginning of last year after peaking at almost $20,000 per bitcoin.
The wider cryptocurrency market has struggled, as binance coin has risen, trading more-or-less flat over the last few months. Bitcoin, still the largest cryptocurrency by some distance, has repeatedly tried to shake off the bears and move beyond $4,000 per coin over recent months only be swiftly knocked back.
The recent success of binance coin, which is still some way off its all-time high of $24 per coin, has been taken as a broad vote of confidence in the bitcoin and cryptocurrency market.
Mati Greenspan, senior market analyst at brokerage eToro 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.”
Many crypto traders and investors are hoping developments slated for this year, including the closely-watched Bakkt bitcoin platform and institutional investment from the world’s biggest banks and financial services companies, will return the market to its heady days of late 2017.
The bitcoin sector is currently trapped in a long-running bear market, when do you think this market trend will change? Let us know in the comment section.