The weekend was characterized by little volatility. Bitcoin and altcoins recorded some gains but corrected downwards in no time. On Monday, cryptocurrencies started the week with modest losses. Bitcoin and other coins are consolidating at press time, but for Binance token (BNB) which is recording slight gains among the top 10 cryptocurrencies.
Analysts Expect BTC to Continue Correcting Downwards
Popular analysts believe that bitcoin is set to continue shedding value due to the fact that it failed to hold the $11,000 position long enough.
Josh Rager, popular trader, and crypto-analyst noted that bitcoin’s weekly close was neutral but warned that volatility should be expected in full swing. He noted, “Weekly/daily close was neutral. Closed in the range between primary support/resistance levels. But volatility expected to happen this week, BBands starting to pinch on 4 hours. Hopefully, we get some live action on the charts to start the week”
Another worthy mention is a price analysis by Boomerang Capital Inc., a cryptocurrency investment advisor. Via a tweet, Boomerang opined, “#BTC bulls attempted to push back this week. As of now have yet to produce anything serious. We expect price could drop lower after being rejected at the critical junction at $11k. Long term spot buyers, get your fiat ready for buys in the mid 8000 down to the mid 7000s.”
BNB Price Rising Against The Ebbing Trend
Last week, news outlets reported a 1.5B drop in BNB’s market cap. The Founder and CEO of Binance, Changpeng Zhao addressed this tweeting in jest, “CMC just gave an 80M BNB haircut. The way CMC calculate Circulating Supply works only for mining coins, it does not work for projects with burn, unlocked team allocations, etc. Oh well, more room for $BNB to grow.”
However, BNB is beginning this new week on a high note. At press time, BNB is recording 3.35% gains as the aggregate crypto market bleeds, BTC included. BNB has a market capitalization totaling to $4,897,759,731. Bitcoin (BTC) is currently consolidating and is down by 0.85% in the last 24hrs. Top altcoins like ethereum and XRP are correcting downwards as well and have dipped by 1.48% and 0.95% respectively.
Evidently, Binance (BNB) is the only top 10 cryptocurrency that’s in the green as per CoinMarketCap and thus poses a great opportunity for investors to buy.
Binance Coin (BNB) Has A Promising Future
The largest cryptocurrency exchange, Binance, is always at the forefront in Blockchain innovations. July 14th, BNB, the native token of Binance cryptocurrency exchange was listed on another exchange platform, BQT. Binance CEO announced this news on twitter. This move indicates an increased inherent value for binance coin (BNB) and also amplifies Binance’s attentiveness to grow the blockchain and cryptocurrency communities.
Albeit BNB is still down from last month’s high above $39, it remains a lucrative investment for investors and day traders. It is likely that more gains will be seen. Additionally, Binance is always breaking new ground in oiling the wheels of blockchain technology and this more than market conditions will certainly increase the value of the binance coin (BNB).
Disclaimer: The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of ZyCrypto. none of the information you read on ZyCrypto.com should be regarded as investment advice, Every investment and trading move involves risk, you should always conduct your own research before making any investment decision.