Bitcoin does a new competitor? Coin pulls Binance impact on the stock market

Rating Agency Weiss Ratings has made an ambiguous statement. According to analysts, the Binance Coin can learn from Bitcoin’s primacy in the cryptocurrency space. The current trend at which the cryptocurrency market is clearly responding to the dynamics of the token BNB.

The statement of the experts was the following.

It seems that BNB now lead the market. The price of the token to grow — grow and other cryptocurrencies and Vice versa. Maybe BNB is the new Bitcoin?

It should be noted immediately that the hypothesis of Weiss Ratings is unlikely to be true at least on several fronts. For starters, it is important to take into account the very young age Binance Coin compared to other players of the stock market. Despite the dominance of Binance in the segment of cripture, the market share of Binance Coin and the daily transaction volumes are negligible in comparison with the king of crypto-currencies with Bitcoin.

While the capitalization of BTC reaches $ 99 billion — over 54% of the stock market — BNB stretch comes to 3.17 billion. And since 40 percent of trading bitcoins have on Binance, it can be concluded that the exchange itself has contributed to the growth of Bitcoin.

Going back to the age of the coin, it is worth thinking about too short time range. This time it was simply impossible to collect data which would have been enough for such assumptions. Moreover, the market for many months was in the clutches of the bears. It is unclear how BNB will behave during the uptrend.

See also: New project Binance will send you the price Ethereum back to double-digit numbers.

In turn, in April, Bitcoin is showing steady growth. Today, the price of coins reached 5,600 dollars, while Binance Coin per day fell by 10 percent, even despite a successful startup Binance Chain. In our cryptodata you will find lots of other useful information.

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