It is evident the overall cryptocurrency momentum is rather interesting to keep an eye on. All markets are a bit on the fence right now, which is only to be expected after the weekend and a somewhat rough start to the week. The Binance Coin price is slowly moving up following solid gains across the board. How long this uptrend will remain in place, is a different matter altogether.
Binance Coin Price Gains Looks Promising
The success of a particular cryptocurrency is often entwined with the associated ecosystem. In the case of Bitcoin and most altcoins, that situation is always a bit tricky. Where Binance Coin is concerned, however, it seems the success of the associated exchange is effectively pushing the value per BNB higher and higher. That in itself is always a positive sign for the near future.
Over the past 24 hours, there has been a solid BNB price uptrend across the board. There is a 7.5% USD increase, bringing the value per Binance Coin to $6.77. The 7.2% gain in BTC value and 8.9% improvement in the BNB/ETH ratio are equally promising for this token. As such, it would appear the demand is picking up, although the trading volume isn’t exceptionally high at this time.
The excitement associated with Binance Coin is rather tangible on social media. CreshawCrypto is spreading some misinformation regarding potential Binance-themed hoodies, although the information is all in good fun. It is evident a lot of people would want such a piece of clothing, which may very well be another market to explore for the popular exchange.
— CreshawCrypto (@GrndTheftCrypto) January 8, 2019
When looking at what is happening around the cryptocurrency sphere, it seems the current Binance Coin price rise is not all that difficult to explain. CryptoDuck is confident 2019 will be the year of currencies and tokens effectively building an ecosystem, rather than hyping up empty promises. As such, the association between BNB and Binance will play a key role in the future of this currency.
— CryptoDuck (@MikeNerdUK) January 8, 2019
Last but not least, the technical analysis of the BNB price chart looks somewhat promising a very quick and steep uptrend has begun forming, which would seem to indicate there will be some downward momentum moving forward. How low the price will drop, is always difficult to predict. A correction is usually in order after a sudden uptrend.
— NebraskanGooner (@nebraskangooner) January 8, 2019
For the time being, it seems as if the Binance Coin price will above the $6.5 level without too many problems. That doesn’t mean this situation will not change in the future, as this remains an unpredictable industry first and foremost. The solid gains across the board can easily be negated through some bearish pressure. Chasing the top is never a smart idea.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.