After a cover-up by Tether (USDT) and Bitfinex was unearthed, the crypto market lost over $10 billion in market cap as Bitcoin and other altcoins had their values noticeably reduced. However, even though most of the top cryptos experienced significant reductions in value, the Binance Coin (BNB) continued to trade in the green, increasing up to 1.36% in the same period.
Binance Coin’s Recent Performance
Binance is one of the world’s largest crypto exchange firms, consistently doing amazing numbers. The firm’s success is also seen in the market performance of its native coin, the BNB. Since January this year, BNB’s price has multiplied more than 4 times and still continues to trade in the green.
Its performance was also helped by the firm’s launch of its own custom Binance Chain, its decision to swap the BNB from ERC-20 on the Ethereum blockchain to BEP2 BNB on the Binance Chain, and also the firm’s successful launch of a fully decentralized exchange.
However, after the official launch, the coin value dropped and struggled to keep up with expectations that stemmed from all the activity. Currently, BNB sits at $22.88 even though everyone expected it to easily beat its all-time high of $25 and possibly keep soaring.
Can BNB Take Advantage of the Tether Problem?
Ran Neuner, a crypto investor, television presenter, and all-round blockchain enthusiast, has expressed some optimism about the whole Tether/Bitfinex situation, insinuating that this might just be BNB’s chance to shoot high up.
According to his tweet:
“I would keep an eye on BNB here, they could be the biggest gainer in all of this.”
BNB is probably still the best performing altcoin in the market. For every coin that becomes a let-down, BNB has a chance to sort of “save the day”. Recall that Bitcoin SV (BSV) also recently went through its own fair share of issues after a few major exchanges de-listed the coin. Is there a chance that there will now be more attention on BNB? Only time will tell.
It’s important to note the replies to Ran’s tweet. A few replies went on to express their distrust in his predictions. According to them, it’s the exact opposite of his proclamations that eventually take place.
One reply said:
“You sir, are the biggest contrarian tweeter. I’m going to sell all my $BNB. Thanks for the trading tip.”
Hopefully, this isn’t another “contrarian” tweet.