The Binance Coin burn started when the cryptocurrency winter started at the beginning of 2018. At the time, all the top cryptocurrencies per market capitalization fell significantly against the USD. However, the Binance Coin burn seems to have come to an end as the native token of the Binance Chain is currently up by 141. 7% since the beginning of the year while BTC is only up by 4%. BNB is outperforming the entire cryptocurrency market. It has stopped tracking the price of BTC.
Binance Coin (BNB) Stops Tracking BTC
BTC is the largest cryptocurrency per market capitalization. The market share of the flagship cryptocurrency is more than 50%. Since the beginning, there has been a correlation between the price of BTC and the price of virtually every other cryptocurrency. Few cryptocurrencies have been able to break this relationship. Even when they do, it is only temporary. The Binance Coin (BNB), on the other hand, seems to have broken the relationship completely as it is no longer tracking BTC.
Binance Coin (BNB) Price Today – BNB / USD
At the time of writing, the Binance Coin was the eight largest cryptocurrency per market capitalization but it is rising fast. If the cryptocurrency continues to progress significantly against the USD, it may eventually enter the top three position. If that happens, and it still keeps outperforming the market, the cryptocurrency may take over from BTC as the largest cryptocurrency per market capitalization. This may seem like a stretch but nothing is impossible in the world of cryptocurrencies.
Bitcoin (BTC) Price Today – BTC / USD
The performance of the top ten cryptocurrencies, minus Tether (USDT) which is a stablecoin that was created to hold value, are closely related. BNB is no longer interested in being related to BTC or any other cryptocurrency as it started weakening the relationship at the beginning of the year. The bullish move is rather impressive when you consider the fact that the other cryptocurrencies are struggling against the bears. BNB is currently the most bullish of the top ten cryptocurrencies. It is outperforming both Bitcoin and the USD in what appears to be the end of the Binance Coin burn.
Binance Coin (BNB) Outperforms The Market Short-term
Apart from the year-to-date performance of the Binance Coin (BNB), it is also outperforming BTC short-term. Within the last seven days, BTC is up by 1.62%. BNB, on the other hand, is up by 41.47%. Within the last month, BTC is up 12.65% while BNB is up by a whopping 99.17%.
A recent report revealed that the price of BTC managed to recover recently because there was a sudden increase in demand for cryptocurrencies due to the revived interest of investors. Binance has had a lot of good things going on lately, this may be part of what is fueling the bull run. For now, it’s not clear if the performance of the BNB is sustainable. In time, we would know if the price of BNB will continue to outperform the market and eventually overtake Bitcoin or it will renew its relationship with BTC and the wider market.
What is your opinion? Do you think BNB has what it takes to overtake BTC especially as it has survived the Binance Coin burn?