Showcasing an equivalent fight among bulls and bears, Altcoins took a dive last week but bounced back with a strong retracement in the last 7 days. The overall market capitalization of crypto assets has nosedived more than 5-7 per cent after a pullback from the lows.
The two important alternative assets, Binance Coin and Stellar, which stood at 4th and 17th rank by market cap, respectively, have shown strength.
Binance Coin (BNB):
Launched in July 2017, Binance is one of the biggest cryptocurrency exchanges globally and aims to bring cryptocurrency exchanges to the forefront of financial activity globally. The company has grown to be the leading crypto exchange worldwide. BNB is the native token of Binance exchange.
BNB has led the recovery trend among altcoins since the market reset took place. The asset saw a quick recovery, as it retraced from $225 lows to $430 within a week, before witnessing a correction again and was trading at $340 levels. Volumes have shown good resilience, and we haven’t seen much profit booking when prices fell, indicating that the asset is viewed as an investment avenue, and to be held for the long term. Investor confidence in the asset is strong as well. BNB is the third-largest cryptocurrency by market capitalization, which currently stands at $53bn.
Market Capitalization and Rank: $53bn (4th)
BNB last week made ‘Higher Tops Higher Bottom’ formation and surged upto $433. However, prices resisted