Coin (BNB), the best performing in 2019, is having hard times maintaining its recent gains despite major developments. Meanwhile, the dominance index has hit its highest so far in 2019.
Binance Coin Struggles
As Bitcoinist last week, Coin (BNB) 00 is amongst the best performing in 2019 so far. Year-to-date, the has gained around 260 percent. Moreover, a few days ago, BNB became the first to its all-time high value of January 2018.
On a shorter term, however, the doesn’t seem to be able to maintain its gains.
Since its price surged towards its newly-found ATH on April 20th, BNB has pulled back, experiencing a notable decrease of around 11 percent against the USD.
Against , BNB is down even more with a 16 percent decline.
‘Binance Effect’ Fizzles… For Now
Controversially, the sudden pull-back comes at times when there’s a lot going on for and BNB.
Earlier in this month, the mainnet for their decentralized exchange Chain. Touted as a “new chapter” in the history of the company, the event also set the stage for an important development for the currently existing ERC20-based BNB coins – their swap to Chain.
Moreover, Bitcoinist that every project which migrates to Chain sees its ’s price skyrocket on the . Since our last report, two more projects have migrated to Chain, namely (GTO), and the (BCPT). Their prices, unsurprisingly, marked notable increases following the move.
On another note, Launchpad – the Initial Exchange Offering (IEO) structure of the exchange, is having its fourth today with a brand new lottery system in place. According to the , the ticket claim process is already in progress.
Ironically, Coin seems to be the only that fails to capitalize on the so-called “ Effect.”
…Nor Does BTC Price Pump
Another thing to consider is ’s price performance throughout the same period BNB has been declining.
Since April 22nd, has marked yet another notable leg up, jumping from around $5,300 to $5,630 – an increase of about 6.3 percent.
price 00 has experienced a slight pullback since its recent peak, losing about 1.5 percent on the day.
However, looking at the overall market reveals that is actually holding relatively strong compared to other , most of which are notably.
In result, the Dominance Index, which measures ’s relative market share by capitalization, has risen to 54.7 percent, the highest in 2019 so far.
What do you think of the recent drop in the price of Coin? Don’t hesitate to let us know in the comments below!
Images via Shutterstock, , Coinmarketcap.com
Published at Wed, 24 Apr 2019 12:33:46 +0000
