Even though one could easily argue there is plenty of exciting momentum across the cryptocurrency industry, the trends are quite worrisome as well. There is no genuinely positive momentum to speak of, as one currency after another seemingly crumbles to the ground. The latest “big coin” to lose a lot of value is Binance Coin. The BNB price is on its way to drop to $5 again in the coming days.
Binance Coin Price Loses Momentum
It is not entirely surprising to learn the Binance Coin price is coming down in somewhat spectacular fashion. Although this token has had a good run throughout 2018, it too feels the pressure after this bear market shows no sign of relenting. In fact, the currency is going through one of its more volatile drops in history, as its value usually drops by a few ppercents at most.
Over the past 24 hours, the value per BNB has decreased by just over 15%. That in itself is rather spectacular, although ongoing losses in BTC and ETH value will have such an effect. BNB Loses 12% in BTC value and just 7.7% in ETH value. Both trends are not promising by any means, and it seems further price pressure can be expected on the coming days.
On social media, there isn’t too much positive attention for Binance Coin either at this time. In fact, it seems there is some annoyance with how exchange trading platform seemingly needs to have its own currency these days. Although it makes sense for Binance, the trend extends to many different platforms these days. Not all of these tokens can succeed, for rather obvious reasons.
OKExの OKB Token
Huobiの Huobi Token
— 紗智 (@appLeSiLver_29) December 6, 2018
In a somewhat surprising turn of events, Binance CEO Changpeng Zhao has shared how much it cost the Republic protocol team to get listed on Binance. That fee is set at $140,00, all of which is to be paid in BNB. An interesting approach to listing new currencies on the world’s most popular platform, although one has to wonder why this cost is relatively low, and whether or not it should be increased.
— CZ Binance (@cz_binance) December 6, 2018
Howard is one of those people who couldn’t care less about any currency that isn’t Bitcoin. Considering how there is a lot of negative momentum in the market right now, it is only normal most speculators convert all holdings back to Bitcoin as quickly as possible. Claiming Binance Coin will go to the graveyard is a stretch too far, though, but the sentiment is somewhat understandable.
— Howard (@HaavardNord) December 6, 2018
Based on all of these market circumstances, one has to wonder if the Binance Coin price can remain above the $5 level for much longer. Right now, that seems extremely unlikely, although stranger things have happened in this industry as well. It is difficult not to panic under these circumstances, but there should be sunshine after the rain at some point. It will, unfortunately, continue to rain for some time to come, though.
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