Binance Coin (BNB) Outperforms Bitcoin and Other major cryptocurrencies

Binance Coin (BNB) Outperforms Bitcoin and Other major cryptocurrencies
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Cryptocurrencies are very popular for volatility. Players in the industry sometimes wish for a steady trend. Maybe, the coins can stay on the highs for a long time to allow investors to recoup their investment. Or, it can maintain a bearish trend so that new investors can utilize the opportunity. Unfortunately, these two scenarios don’t always happen like that. The trend is constantly fluctuating and always keep the community on its toes. Well, this period is not an exception either.

We’ve gathered the report of Bitcoin, Binance coin, Ethereum, and XRP from a tweet by the Tie. From the report, Bitcoin started this 2019 with a bang, and the coin tried to hold tight but failed. It’s true that before this year, the number one coin saw a long bear market. However, it seemed to have left it behind to face this year. Unfortunately, BTC has also recorded some lows too.

Bitcoin Recorded Both Highs And Lows In 2019

For instance, from 1st of January 2018, Bitcoin grew from 41 percent to 56 percent of the total market cap. Also, the tweets on the coin grew from 39.4 percent to 48.1 percent. Bitcoin has also recorded a decline from 48.8 percent to 32.5 percent in the total crypto trading.

We already know that Bitcoin dominates the cryptocurrency markets. The coin reached its peak by recording a 63 percent increase on the 14th of May 2019. However, we saw its decline as well as it couldn’t maintain the level. Also, bitcoin’s dominance increased by 18.52 percent in 133 days. Its price rose unbelievably on the 1st of April and kept rising until it got to $8,000 from $4,100.

The number two digital coin Ethereum instead saw a decrease in its dominance. The market cap fell from 22 percent to 10.5 percent. From the report we got, the volume of Ethereum tweets increased instead at 13 percent. From this information, it’s evident that this coin is losing both sentiment and price. It took only 24 hours for the Ethereum price to fall by 3.1 percent.

XRP Failed Expectations Of The Players In The Community.

Still, on the performance, XRP disappointed the community in its performance. Note that digital crypto exchanges thought that this coin would one day perform higher than others. Investors often hope for better performance against Ethereum or Bitcoin. But from what the report shows, the coin fell from 21.3 percent to 7 percent in market cap dominance. Tweet dominance and trade dominance fell from 22 percent to 6.5 percent and 30 percent to 3.4 percent, respectively.

Meanwhile, investors who buy Binance coin had a field day as the cryptocurrency recorded an unbelievable rise in value. According to the reports, the coin rose three times in value over the last price. Also, the trade volume and Twitter volume rose 3.5x and 10x, respectively.

About Ali Raza

A journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.