Binance Coin (BNB), the native token associated with the top cryptocurrency exchange Binance, is being billed by some the next Bitcoin (BTC).
Binance Coin has apparently been influencing the cost movement of this bigger cryptocurrency market. Analysts at score business Weiss Ratings said they’ve observed cost patterns between Binance Coin as well as the broader altcoin market. A rise in BNB prices tends to distribute to many other cryptocurrencies.
The cost of BNB had risen sharply in front of the newly-launched of Binance DEX. The price of Binance Coin rose from $6.26 on Feb 1, 2019, to $24.99 on April 21, 2019. In that time, Binance launched the mainnet of its Binance DEX effort, a decentralized exchange where investors retain custody of the digital assets.
Binance Coin: The Brand New Bitcoin?
Simply like how the world’s first and foremost digital currency, Bitcoin (BTC), spawned other altcoins, analysts believe that Binance’s success could motivate other businesses to follow this trend. Bitcoin’s development heralded a new industry, which fundamentally paved the way in which for increased innovation and technological advancements.
Weiss Ratings has published its findings of the correlation between Binance Coin and cryptocurrency price movements. The agency concluded that BNB’s price could increase in prominence in the near future — leading cryptocurrency prices like Bitcoin has, historically.
Binance has also faced considerable critique from particular parts of the cryptocurrency community over its Binance Chain and DEX.
Critics argue that a decentralized change run by a central agency would violate the fundamental aspects of the digital currency movement. Zhao, however, has said that Binance will never be directly taking part in running the DEX.
Binance has also received a mixed reaction to its delisting of controversial Bitcoin Cash (BCH) fork Bitcoin SV (BSV) — though, nearly all the cryptocurrency community has agreed with all the decision.
Do you think Binance Coin (BNB) will influence market motions in the future, in line with Bitcoin (BTC)? Let us know within the comments below!