Chart for BNB/BTC (1D)
Binance Coin (BNB) has attained a unique reputation as a Tether styled coin that continues to remain stable even as the market bleeds. This behavior on behalf of Binance Coin (BNB) was also observed during the past few minor corrections. The coin is down only 33% since its all time high, compared to 70% for Bitcoin (BTC) and 85% for Ripple (XRP). This shows that smart money believes in the long term prospects of the crypto markets, now more than ever. With the lack of confidence in Tether (USDT), Binance Coin (BNB) is all set to become the new favorite for parking money during bad times.
Binance Coin (BNB) has traded well against Bitcoin (BTC) since February 2018. This further vindicates the fact that most investors believe that the correction is over for the most part and thus risk taking is starting to return to the market. Binance Coin (BNB) would not be surging upwards if investors feared that the market is due for another correction or were afraid to take risks with altcoins. Binance Coin (BNB) tokens are currently used on the popular Binance Exchange to pay exchange fees as well as to invest in ICOs that are offered on the platform.
Chart for BNB/USD (1D)
The cryptocurrency has currently broken out of a triangle and is trading sideways. It is pertinent to note that Binance has gained incredible support and recognition in the past few months and its future prospects look brighter than ever. This is why so many investors hold Binance Coin (BNB) as they believe the exchange will be around for a long time to offer one of the best services in the crypto markets. The recent Tether (USDT) sell off has created a stable coin crisis. Currently, there seems to be no cryptocurrency that is fully capable of surviving a crash. There is the DAI token, USD coin and similar other stable coins but it is hard to see why they may not end up the same as Tether (USDT). For long term believers in the cryptocurrency exchange, Binance, Binance Coin (BNB) offers them the opportunity to park their money without having to think about a stable coin losing peg with the US Dollar (USD).
BNB/BTC pair recently broke out of a rising wedge but quickly climbed back into the wedge and continued trading higher. Currently, Binance Coin (BNB) is trading sideways and already resembles the behavior of a stable coin. It has traded aggressively against Bitcoin (BTC) over the last few months and seems to have found a new bullish channel after March 2018. The price last touched the bottom of the larger channel in late December 2017. It was followed by a rise to the top of the channel around late January 2018. Price movements in the cryptocurrency market can be quick and Binance Coin (BNB) might yet mark a new high for the year in the months ahead. However, for now it serves as an alternative to Tether (USDT), and a very good one.
The post Binance Coin (BNB) Might Take Tether (USDT)’s Spot appeared first on Crypto Daily™.
Source: CryptoDaily.co.uk
Original Post: Binance Coin (BNB) Might Take Tether (USDT)’s Spot
