Binance Coin Price Hits $23 Again as it Bucks the Bearish Trend

As most of the cryptocurrency markets are still subject to a lot of bearish pressure, it quickly becomes apparent things are not necessarily evolving like traders would like it to. Most of the markets still deal with big losses, whereas the Binance Coin price is trying to make some sort of a comeback. How successful that venture will be in the long run, remains to be seen.

Binance Coin Price Runs is Somewhat Surprising

Whereas most people expected the current bearish pressure to cause a lot of problems for most markets, there are always some exceptions to take note of. At this time, there is a genuine interest in Binance Coin, which is one of the few markets which tend to make people a lot of money at any given time. Even this week, it seems BNB is one of the more profitable markets, compared to Bitcoin and other alternative offerings.

Over the past few hours, the Binance Coin price has successfully gained 3.75% on its rise to $23 and beyond. Although the market has seen a pretty big dip in the past few days, it would appear those losses can still be recovered without too many problems. There is also a 6.77% gain in BNB/BTC and a 7.45% gain in BNB/ETH. Very solid momentum across the board for Binance Coin today, although there is a lot of pressure on the hourly charts right now.

On social media, it would appear things are getting a bit interesting where BNB is concerned. InspiringTy claims Binance Coin is “wrecking” the crypto industry as of right now, primarily because it tends to buck the overall price trend so many other markets are subjected to. While it remains to be seen if the “goodbye Bitcoin” comment makes any real sense, there is a genuine belief Binance Coin will make other markets obsolete sooner or later.

For those who look at the current BNB price chart, it is evident the uptrend is still in full effect once again. Although the dip has been noted a few days ago, the current rise from $21.4 to $23.42 is quite significant. There is some minor resistance along the way, but nothing that can’t be overcome at this time. How long that momentum will remain in place, is always difficult to determine.

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Dean is trying a very different approach when it comes to spreading the word about Binance Coin. He contacted McDonalds in Australia to get them to accept cryptocurrency payments through the mobile application. As one would come to expect, this idea was met with a lack of optimism, as McDonalds isn’t in the process of dealing with cryptocurrency payments right now. As such, it seems rather unlikely they will accept BNB all of a sudden.

While it is good to see at least one top 15 market buck the overall bearish trend right now, it too may fall victim to the ongoing negative pressure. When that happens, there is no telling where the BNB price will end up at, as anything is possible in this volatile industry. Binance Coin has surprised many people so far, but it is evident all good things will come to an end sooner or later.

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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