Bitnance Coin (BNB) jumped more than 20%

March 05, 2019 at 01:06PM

In the last 24 hours, the Bitcoin price has slightly dropped from $3,860 to $3,770, struggling to demonstrate strength at the $4,000 resistance level. Despite the lack of momentum on the price trend of Bitcoin, several crypto tokens in the likes of Binance Coin (BNB) and Enjin Coin (ENJ) have recorded 15 percent gains against the U.S. dollar and BTC.

Historically, most tokens and small market cap cryptocurrencies have tended to record intensified losses in the direction headed by BTC. When Bitcoin records a minor loss, tokens tend to record intensified losses against the USD and when the dominant cryptocurrency rises in price, tokens demonstrate large gains on the upside.

BNB is currently up 20% as it hits an 8 month high of $13.53. Binance boss CZ appears to have taken over from Justin Sun for volume of twitter posts in any given day; Either way his exchange backed token is flying at the moment as it surges past Stellar and Tron to take eighth spot by market cap which is currently $1.7 billion. Changpeng Zhao’s current AMA and recent DEX announcements are driving momentum for BNB. Tron is the only other altcoin in the green in the top ten as it made almost 3% over the past 24 hours.

Total crypto market capitalization has found a temporary floor at $126 billion following the $4 billion dump yesterday. Daily volume has crept back up to $28 billion but signals are bearish and the selloff is likely to continue. Crypto markets are at exactly the same place they were three months ago as the consolidation continues.

Bitcoin Still Bullish Says Analyst as Crypto Token Binance Coin (BNB) Surges 15%, CCN, Mar 05

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