As was to be expected prior to heading into the weekend, most of the top markets have turned bearish once again. This cycle has repeated itself quite regularly over the past few months. One notable exception is Binance’s own token. The Binance Coin price has risen by 5% over the past few hours, effectively bucking the overall market trend.
Binance Coin Price Momentum is Intriguing
To put the current crypto market momentum into perspective:: no one should expect surprising uptrends for the foreseeable future. All markets seem to follow Bitcoins pattern once again, although it remains to be seen why this is the case exactly. One interesting trend is how Binance Coin continues to do its own thing without too many problems. In fact, it continues to gain value whereas all other markets are facing a lot of negative pressure.
Over the past 24 hours, the Binance Coin price has risen by 5% in USD value and gained 6.4% over Bitcoin. As has been the case for some time now, the gains over Ethereum are even bigger at 8.5%. Ethereum is losing a lot of ground in its own right and to other currencies as well. Because of these gains, one BNB is now valued at $6.46 again, which seems to be on par with what most speculators had expected heading into the weekend.
On social media, it would seem there is a lot of positive momentum where Binance Coin is concerned. More specifically, MoJo Crypto would love to see BNB being used as a way to pay people in cryptocurrency moving forward. That in itself is a rather remarkable decision, although there is also a case to be made here. Whether or not it can serve a purpose in this regard, remains to be seen.
— MoJo Crypto (Jubal Lambert) (@JubalLambert) January 31, 2019
MaxD is looking at the Binance Coin market as a good way to buy in at a lower price. Although his buy targets were hit quite some time ago, it seems those who managed to buy in at that particular value will be quite happy with their current profits. There is no immediate reason to cash out the profits either, primarily because this uptrend may very well be extended for some time to come.
Buy order #bnb for 6.03-6.06
— MaxD (@Xd17Ma) January 31, 2019
There is also some further excitement regarding Binance’s recent payment method announcement. More specifically, it quickly became apparent the platform is integrating credit card payments, which can boost overall adoption of Bitcoin and altcoins alike. Whether this will impact the value of BNB, is a very different matter altogether. Anything is possible, but for now, the two aspects need to be put in different spotlights.
— Sanko (@evsanko) January 31, 2019
When keeping all of this information in mind, it will be interesting to see what happens over the weekend. A bearish Bitcoin price trend is usually problematic in its own regard, although it seemingly will not affect Binance Coin in any notable manner. At the same time, this currency may see it sown bearish run over the weekend while other projects recover.
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.