Saturday, May 18, 2024

Binance Coin Rises in Market Cap Rankings After Surpassing XRP

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Stanislav Shishkin
Stanislav Shishkinhttps://cryptoapa.com/
Stanislav is one of the lead copywriters on cryptoapa.com and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Stanislav at cryptoapa.com

Binance Coin (BNB) has fallen 0.5% over the last 24 hours to $213.55, part of a broader decline among major cryptocurrencies. However, BNB has now reclaimed the #5 spot for largest cryptocurrency by market capitalization after passing XRP.

Despite regaining the 5th position, BNB remains down 5% over the last week and 12% in the past month. The token has also dropped 13% since early 2022. Still, surpassing XRP may provide momentum for BNB to recover after an extended period of being oversold.

BNB’s indicators suggest it may have bottomed out following the declines over the past couple months. The 30-day moving average is now far below the 200-day average, often signaling a recovery is imminent. The relative strength index has also bounced back after dropping close to 20 in mid-August, indicating BNB was strongly oversold.

BNB’s support level has edged upwards recently, further evidence the downturn could be ending. However, a major comeback may be unlikely given persisting market weakness amid recent Bitcoin ETF delays and Chinese economic concerns.

Additionally, Binance continues facing regulatory pressures globally while top executives exit the company. The ongoing legal actions from the SEC and CFTC present significant risks for Binance. As such, BNB may struggle to rise substantially from current prices in the near term.

While BNB faces challenges, new high-potential altcoins are continually emerging. One example is Bitcoin BSC (BTCBSC), a BNB Chain version of Bitcoin that provides staking rewards. The presale for BTCBSC has already raised over $100,000, demonstrating strong interest.

BTCBSC offers investors exposure to Bitcoin at 2011 prices of around $1. The presale has a hard cap of 6.125 million BTCBSC, while the remaining supply is distributed via staking. This allows holders to earn passive income while likely benefiting from price appreciation.

Rather than hype particular cryptocurrencies, experts recommend researching fundamentals and risks associated with any new crypto investment.

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