As Crypto Rally Cools, Binance Coin Remains Buoyant; CEO Changpeng Zhao Offers Encouraging Message to New Traders
Crypto markets underwent a gradual cooling over the weekend, as bitcoin and the major altcoins struggled to make higher highs following an explosive Friday rally. However, for Binance Coin (BNB), the rally was still very much intact thanks to a bevy of positive news surrounding the exchange.
Most of the top 20 coins traded within a narrow range on Sunday, with two notable exceptions. Litecoin (LTC) jumped 7.6% to $46.84, its highest in almost three months. Litecoin was the primary catalyst for the market-wide rally on Sunday. Read more: Litecoin Sparks Huge Crypto Rally as Bitcoin Smashes Through $3,700.
Binance Coin rose 5% to $9.18, its highest since Nov. 14. Since bottoming on Dec. 7, BNB has more than doubled in price. It was the market’s best weekly performer through Thursday and has returned nearly 50% since the beginning of 2019.
Bitcoin (BTC) was little changed at $3,656.17. It traded as high as $3,700 on Bitfinex.
XRP edged down 1.2% to $0.3051, hovering just north of a long-term resistance. Ethereum’s (ETH) price held steady at $118.79. EOS edged up 0.5% to $2.75.
Bitcoin cash (BCH), Tron (TRX) and Stellar Lumens (XLM) each fell 2% or more.
The total market cap of all cryptocurrencies was $121.1 billion, little changed from Saturday’s levels.
Binance CEO’s Encouraging Message
Binance CEO and bitcoin billionaire Changpeng Zhao believes the cryptocurrency revolution has only just begun and that new traders haven’t missed anything yet. This encouraging message was shared via Twitter on Friday in response to a user who only wished they entered the market sooner.
That's exactly what I thought back in 2013, "damn, I am too late. I wish I started early like those other guys." and I will say the same thing I heard back then. We are still early, the beginning of the beginning.
— CZ Binance (@cz_binance) February 9, 2019
Zhao’s exchange has been at the forefront of the crypto revolution, having recently introduced the Binance Launchpad for token sales. Launchpad hosted the highly coveted BitTorrent Token (BTT) sale, which sold out in less than 15 minutes.
Cryptocurrencies still have a way to go before they become mainstream financial assets, but the introduction of futures markets is expected to aid in the expansion. Since the launch of bitcoin futures in December 2017, the cryptocurrency market has seen a noticeable drop in volatility. This trend is expected to continue later this year when Intercontinental Exchange and Nasdaq unveil their very own bitcoin futures markets.
The debate over crypto exchange-traded funds (ETFs) is heating up again after VanEck and its partners announced they had resubmitted their application to list a physically-backed bitcoin fund. The U.S. Securities and Exchange Commission (SEC) seems to be more divided than ever before about whether to approve a bitcoin ETF. Last year, Commissioner Hester Peirce formally objected to the SEC’s denial of the Winklevoss ETF. Commissioner Robert J. Jackson Jr. recently stated that he too objects to the ruling and believes that it is only a matter of time before a bitcoin ETF is approved.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.