Binance Coin Breaks Free of Bitcoin

Date : 03/07/2019 @ 6:21PM
Source :ADVFN Crypto NewsWire
Stock : Binance Coin (BNBUSD)
Quote : 16.49000000  0.00000000 (0.00%) @ 5:25AM
Binance Coin share price Chart

Binance Coin Breaks Free of Bitcoin



 

Bitcoin Global News (BGN)

March 07, 2019 -- ADVFN Crypto NewsWire -- While all else looks to Bitcoin, the BNB token appears to be looking the other way. Reportedly, BNB has experienced a 140% surge over the past year, which includes a significant break with Bitcoin’s price movement over the same period of time.

Why this matters is simple. As was reported by CoinDesk in their article today on the subject, all cryptocurrencies usually become more tethered to Bitcoin’s ups and downs as time goes on. In BNB’s case, quite the opposite has turned out to be true.

On top of showing consistent price movement that is not correlated with Bitcoin’s, it is apparently the only crypto project to record any sort of gain over the past year when measured against the dollar. Simultaneously, CoinDesk reports that BNB’s price movements have also begun to measurably deviate from the dollar as well.

Beyond these facts however, CoinDesk did not attempt to make any conclusions on the growing possibility of BNB becoming a non-correlated asset as compared to the rest of the market. In general, it is reasonable to conclude that these patterns are occurring due to the recent successful ICOs involving Binance’s Launchpad, in addition to the recent launch of their decentralized exchange.

Still, at this point, exercising caution would be the best strategy instead of jumping headfirst into a new basket of BNB tokens. As was pointed out near the end of CoinDesk’s report today and as all existing crypto investors know, the market is very young.

Bitcoin may be just over 10 years old, but the majority of the market is only two years old or less, judging by when most Initial Coin Offerings occurred. As with any crypto investment, doing your own research on as deep a level as possible is a good place to start.

 

 

By: BGN Editorial Staff

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