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The cryptocurrency markets were mixed on Thursday, as the mid-week recovery slowed and many top-tier coins and tokens fell back into the red. Ethereum, Cardano, and Stellar, however, continued to post strong advances even against the backdrop of the sluggish market.
Source: CoinMarketCap
These rallies, though isolated, were sufficient to enable thecryptocurrency market capto post a minor advance for the day. At present, it is valued at $551 billion, which represents a 24-hour increase of about two percent.
Bitcoin Price Holds Above $11,100
The Bitcoin price traded sideways on Thursday. After briefly rising as high as $11,734 during the morning hours, the Bitcoin price ebbed back to a present value of $11,135, which is roughly where it was trading the day prior. Bitcoin now has a market cap of $189.4 billion.
Bitcoin Price Chart
Ethereum Price Briefly Touches $1,100
The Ethereum price, meanwhile, briefly rose as high as $1,100 but has since pulled back to $1,041. Even at this level, though, Ethereum is up three percent for the day, which outperformed the index and raised the second-largest cryptocurrency’s market cap to $102.4 billion.
Ethereum Price Chart
Cardano, Stellar Post Strong Returns in a Mixed Market
The majority of top-tier altcoins declined on Thursday, but Cardano, EOS, and Stellar each managed to outperform the index.
Ripple’s XRP token declined six percent for the day, and it is currently priced at just $1.31. This decline — which was worst among top 10-cryptocurrencies — came even as two more payment providers announcedthat they would integrate XRP into their remittance systems.
The Bitcoin Cash price, meanwhile, declined by two percent to $1,627, which reduced its market cap to $27.6 billion.
The next three coins, on the other hand, managed to post relatively strong returns. Cardano, ranked fifth, rose four percent to $0.64, perhaps because it received a strong rating from the controversial “Weiss Report.” EOS, another token favored by the Weiss ratings, achieved a three percent increase to $13.78.
Stellar posted the most impressive gain of any top-tier cryptocurrency, rising eight percent to about $0.63 despite receiving a poor rating from Weiss. The Stellar price’s climb is likely linked to payment processorStripe’s recent suggestionthat it may add support for XLM payments in the future.
From here, though, the charts once again turn sour. The Litecoin price declined by three percent to $1.78, while NEM dropped four percent to $0.99. NEO, one of the other few coins to receive at least a B- rating from Weiss, rounded out the top 10 with a one percent decline to $136.
Binance Coin (BNB) is the native coin of the Binance exchange. Its price was sitting around US$8 at the start 2018, and is looking to treble soon, having topped a new high of $24.
The main reason for the sudden growth is that Binance is super popular, and frequent users can get very solid value for money with BNB. Just yesterday Binance signed up a almost a quarter of a million new users in a single hour and it's previously said it tends to grow by "a couple million" users a week.
BNB suddenly has a lot of new buyers, and you don't need to be a market guru to figure that BNB is going to be a hot commodity right now.
The coin's main application right now is alleviating the sometimes-jarring exchange fees (0.1% trading fees to hit the big spenders, and flat withdrawal fees to hit the small spenders). You can pay any Binance fees with BNB instead of another currency to get an easy 50% discount.
The value for money of using BNB to pay fees will remain the same regardless of its price -- people need a set value of BNB rather than a certain number of coins -- so there's no real reason why it won't keep rising further, directly in line with Binance's increasing popularity.
Binance definitively and aggressively cemented its status as the world's number one exchange in recent days, so a price rise can be expected.
What will stop it from increasing?
The discount you get from BNB will decrease over time.
It's 50% off fees in the first year, but "only" 25% in the second year, 12.5% in the third year, 6.75% in the fourth year and then zero after that. But throughout you can expect BNB to remain just as worthwhile, for the reasons described above, as long as the exchange stays popular.
BNB prices are likely to keep trending upwards, with the usual crypto ups and downs, until sometime in year 4, or maybe year 3. At this point people will start divesting themselves of remaining BNB before the prices drop.
Towards the end of that lifecycle it will start turning into a game of chicken, hanging onto BNB to maximise one's use, but dropping it before the value falls too much.
This will be affected by the coin burn scheme. Every quarter, 20% of the public BNB supply will be bought-back (if needed) and destroyed by Binance. The first one happened in October 2017, accompanied by a minor bump in BNB prices.
Some of the current rise could also be in anticipation of the next burn, which should be happening around the end of January, but this probably isn't making much of a difference. The coins being burned are almost certainly out of circulation, having already been used to pay fees, so Binance won't need to go around buying up its own coins ahead of the bonfire.
Binance isn't the only exchange with its own native currency, and others like Kucoin Shares are arguably better value for money in the long run. The beauty of BNB though is that its worthiness is very clear and easy to calculate.
Binance's chief executive said the majority of the 4 million accounts he oversees are largely male customers with an average age of 25-35 Shutterstock
The world’s biggest cryptocurrency exchange is adding a “couple of million” members every week as the crypto-craze shows no sign of abating.
Hong Kong’s Binance.com added 240,000 new users in just an hour on Wednesday, after the company lifted a temporary suspension of new registrations it had put in place due to high demand.
“We did not expect this kind of growth to be honest”, chief executive Zhao Changpeng told Bloomberg TV.
According to Coinmarketcap, a website that tracks cryptocurrency markets, Binance was the most active cryptocurrency exchange over the past 24 hours with $6.1bn (conversion) worth of trades.
The most popular digital token trading on Binance was TRON, accounting for 10 per cent of their trading, while bitcoin was only the third most popular digital currency on the platform.
Mr Zhao said the majority of the 4 million accounts he oversees on Binance are largely male customers with an average age of 25-35.
“There’s a lot of guys with a lot of money”, he said.
“[I see] $10,000 to $100,000 each day, some even bigger.”
Mr Zhao moved to Toyko from China because of a ban placed on cryptocurrency exchanges in September 2017 by Chinese premier Xi JinPing.
He said trading on Binance has substantially grown in Japan, US and Korea and described trading volumes for the UK as “big”.
The rapid rise of cryptocurrency’s such as bitcoin has attracted criticism from Wall Street executives.
Billionaire Warren Buffet told CNBC on Wednesday that cryptocurrencies will “almost certainly…come to a bad ending”; while JPMorgan chief executive Jamie Dimon said on Tuesday he “regretted” calling bitcoin a fraud.
Mr Zhao told Bloomberg that it was “good that Jamie Dimon admitted he was wrong” and warned finance chiefs about speaking on cryptocurrencies.
Warren Buffett is a guy I truly respect from an investment point of view,” he said. “But I do not think he understands cryptocurrencies at all. It is what it is. I still respect him in other parts of his expertise. But I think on cryptocurrencies he’s making a big mistake.”
