Coincoin (BNB) is a cryptocurrency asset that can be exchanged for transaction fees on the Coincoin Exchange. It has grown by over 140% so far, deviating from the price trend of Bitcoin, which is not common in emerging cryptocurrency markets
Coincoin (BNB) is a cryptocurrency asset that can be exchanged for transaction fees on the Coincoin Exchange. It has grown by over 140% so far, deviating from the price trend of Bitcoin, which is not common in emerging cryptocurrency markets.
Although the reason for the high correlation between most cryptocurrencies and Bitcoin is not yet clear, research shows that this dependence on the trend of Bitcoin only increases over time. But it turns out that BNB is different.
In fact, according to CoinMarketCap, BNB is currently ranked eighth and the only cryptocurrency among the top 10 to announce annual US dollar returns. The next closest is Wave Field Coin (TRX), with an annual loss of -44%.
Top 10 cryptocurrencies (percentage change over the year)
As shown in the above figure, the performance of the top 10 cryptocurrencies by market value is often closely aligned with each other, except for stable currencies (USDTs), which are designed to maintain consistent value.
However, with the beginning of 2019, this connection between BNB and USD began to weaken. The above performance line (orange) of BNB/USD proved this fact, which was obviously different from other big cryptocurrencies, effectively making it the most bullish significant outlier of the group.
Performance of BNB/USD and BTC/USD
In fact, BNB seems to be developing its own path now, as it clearly continues to surpass Bitcoin.
The performance of BNB/USD so far this year is dwarfed by Bitcoin, while BTC's growth rate is less than 4%, with a growth rate of 141.7%.
According to Messari's data, BNB also performed well on real-time time scales, with cryptocurrencies growing at 41.47% and 99.17% in the past 7 and 30 days, respectively, while BTC only grew by 1.62% and 12.65% during the same period.
It is worth noting that the recent recovery of Bitcoin may have reignited investor interest in the cryptocurrency market, driving demand for BNB.
Considering the highly correlated and immature nature of the cryptocurrency market, BNB is unlikely to draw its own unique trend for a long time, but only time can tell when BNB is no longer outlier.
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
