Binance Coin (BNB) Rallies 118 Percent In 2 Months And Breaks Into Top 10 On CoinMarketCap As Binance DEX Launch Approaches


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https://i.redd.it/sc9roj30r5g21.png

[https://cryptoiq.co/binance-coin-bnb-rallies-118-percent-in-2-months-and-breaks-into-top-10-on-coinmarketcap-as-binance-dex-launch-approaches/](https://cryptoiq.co/binance-coin-bnb-rallies-118-percent-in-2-months-and-breaks-into-top-10-on-coinmarketcap-as-binance-dex-launch-approaches/)

Binance Coin (BNB) has become the first crypto exchange utility token to break into the top 10 on [CoinMarketCap](https://coinmarketcap.com/), following a [118 percent rally in 2 months](https://coinmarketcap.com/currencies/binance-coin/). Binance Coin (BNB) now has a market cap of $1.31 billion, surpassing Bitcoin SV’s (BSV) market cap of $1.16 billion and Cardano’s (ADA) market cap of $1.07 billion. If this rally continues it is possible that Binance Coin (BNB) could surpass the Stellar (XLM) and Tron (TRX) market caps.

This rally is also likely being fueled by anticipation for the launch of the Binance decentralized exchange (DEX). Binance CEO Changpeng Zhao says the testnet of the DEX will go live on Feb. 20. Presumably, the mainnet will go live soon after that.

The Binance DEX is entirely run on a blockchain called Binance Chain. Binance Coin (BNB) will transition from being an Ethereum (ETH) ERC-20 token to a native Binance Chain asset. Traders, speculators, and investors are perhaps buying up Binance Coin (BNB) ahead of the DEX launch since Binance Coin (BNB) will be needed for all DEX transaction fees.

The [Binance DEX](https://medium.com/binanceexchange/watch-our-new-binance-dex-sneak-peek-8b942cc733d2) will be used to trade cryptocurrencies, issue new tokens, and propose new trading pairs that are voted on by the community. All Binance DEX actions and transactions will be recorded on the Binance Chain. Since Binance is the biggest crypto exchange in the world, the Binance DEX has the potential to be the biggest DEX in the world. A key point is that all users of Binance DEX will hold their private keys instead of the exchange holding the keys.

Ethereum’s (ETH) price may be negatively impacted by Binance Coin (BNB) leaving the Ethereum network since Binance Coin (BNB) is the top ERC-20 token. Further, Binance Chain will compete with Ethereum (ETH) since it will be an easier way to create a token and get it listed on a major exchange.

Another factor that may have accelerated the Binance Coin (BNB) rally [is the quarterly burn](https://www.binance.com/en/blog/292158287506071552/6th+Binance+Coin+Burn), which removed 1.62 million Binance Coins (BNB) from circulation. Binance uses 20 percent of its quarterly profits to buy back and burn Binance Coin (BNB) and plans on ultimately removing 100 million of the total 200 million Binance Coins (BNB) in circulation. Longterm, this should help increase the price of Binance Coin (BNB).

Further, Binance Coin (BNB) has numerous uses beyond the DEX, which is why it has gained so much value even before the DEX has launched. Binance traders who use Binance Coin (BNB) receive a 25 percent trading discount, which when aggregated amounts to tremendous savings since Binance is the top cryptocurrency exchange in the world [with $500 million to $1 billion of volume per day](https://coinmarketcap.com/rankings/exchanges/).

Also, Binance Coin (BNB) [is accepted by numerous blockchain and cryptocurrency platforms](https://www.binance.com/en/blog/301697076107563008/Binance-Weekly-Report-CZs-Live-AMA-BNB-at-Top-10-and-More) including Crypto.com, Monetha, ETHLend, LNDR, Coinpayments, CoinGate, Nexo, Adamant Messenger, BytePay, TravelbyBit, Mithril, Propy, Tripio, CenterServ, InvestFeed, Kyber Network, NAGA, Pundi X, Gifto, Decentraland, VIBE, MoreCoin, Eidoo, AERON, DENT, Moeda, Storm, and CanYa. This makes Binance Coin (BNB) the equivalent of a utility token on steroids.

Binance Coin (BNB) is currently trading at $9.17, well less than the all-time high of $24.91 during the major crypto rally that peaked in January 2018. However, Binance Coin (BNB) has been having success even in the worst of the bear market and is in a good position to gain value when the next big crypto rally comes.

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Dan Hedl Breaks Down Bitcoin.


1/ The Bitcoin (double) Standard

A deep dive into the cognitive dissonance of nocoiners, and the ridiculous double standard they have for Bitcoin. Thread 👇

2/ Manipulation

Over the last decade, banks globally have been fined with more than $200 billion in penalties, following investigations into manipulation of various markets/instruments: FX, metals, LIBOR, etc. Those cumulative fines are 2x the current total crypto market cap.

3/ Intrinsic Value

Complaining it has no intrinsic value when their primary currency has absolutely no intrinsic value.

“Bitcoin units have no intrinsic value… the U.S. dollar, the euro, and the Swiss franc, have no intrinsic value either.”

https://t.co/bssEa3U3S5

4/ Money Laundering

Approximately $2T a year globally is laundered, Americans spend $100B on drugs annually, Crypto market cap is $109B as of this tweet storm.

“Cryptocurrency [represent a] “low risk” for money laundering and terrorist financing activities… according to FATF

5/ Complexity

Consumers don’t understand how their existing financial system works, nor their cell phone, microwave, etc. There is minimal new training needed for them to be literate/enjoy basic interactions, just like any new technology in their life.

6/ Volatility

The only constant in markets is volatility. No one says “Gold isn’t a good SoV because the price fluctuates” but we hear that all the time with #bitcoin. What did you expect with a new emerging sound money? It certainly wasn’t going to be a linear price path.

7/ Energy Consumption

🚨 Electricity police! 🚨

Complaining about energy consumption, without first comparing it to the energy consumption of gold mining, the financial system, government, courts, military, selfies, or watching the Kardashians.

https://t.co/4ONTBlKRrA

8/ Monetary Policy

Worried about deflationary spirals when they most they’ve spent studying deflation is the 15 second dismissal argument from their econ 101 professor

9/ Control

Worries that it was created by an anonymous “hacker” vs highly flawed founding individuals of their government/financial system. Worries that no one “controls” the monetary policy vs a group of old white men they can’t even name

10/ FUD

What all of this FUD represents is the magnitude change Bitcoin brings. Any new technology evokes FUD, which is proportional to the impact it will have on the world. Humans don’t like change, FUD is a representation of the change that a new technology rings.

11/ History rhymes

When the bicycle debuted in 1800s, it was blamed for all sorts of problems—from turning people insane to destroying women’s morals

In the future, we’ll look at these double standards as we do now with bicycle objections: with laughter
https://t.co/hTrn2xpnqx

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