Binance Coin Breaks Free of Bitcoin
March 07 2019 - 1:21PM
ADVFN Crypto NewsWire
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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