Today seems to be the day on which some cryptocurrency markets may see a rebound. The Binance Coin price is already trying to claw back some recent losses. There is also the upcoming burning of BNB to look forward to.
Binance Coin Price Tries to Move up
It has not been an easy week for any cryptocurrency out there. When Bitcoin loses value – as it has done over the past several weeks – the other markets will often get battered significantly. Even Binance Coin wasn’t able to avoid this downtrend, resulting in a near 30% drop in the past month.
Today, however, things are looking up a bit. The Binance Coin price has noted a 3.4% gain, indicating some prominent momentum could be brewing. It will primarily depend on how Bitcoin performs in the coming hours and days, however. If the world’s leading cryptocurrency struggles again, BNB will not be able to see much positive momentum.
Looking at the trading volume, it is evident that Binance Coin has a decent amount today. Just over $162 million isn’t exactly spectacular by any means, but it is sufficient to sustain this smaller uptrend. Just 8% of the market cap in volume is something that needs to improve, however.
Driving this Binance Coin price uptrend is P2PB2b, followed by Binance, and Mxc. All three exchanges offer different trading pairs bringing in millions of trading volume. Seeing a USD pair at the top is very intriguing, albeit P2Pb2b faces allegations of potentially faking its volume. Take that with a grain of salt, however.
One thing that could explain this Binance Coin price uptrend is to upcoming BNB burning in January. Binance tends to burn significant amounts of this token to reduce the circulating supply. It is not a guarantee of an uptrend by any means, but still something to look forward to.
Leave your vote and RT !
— ThunderCrypto ! (@StevetSteves) December 18, 2019
Dagenscrypto expects the Bitcoin party to last a little while, which could be positive news for the Binance Coin price as well. It is crucial to not get ahead of oneself whenever a small market shift like this occurs.
Let's go! 💸
— Dagenscrypto (@dagenscrypto) December 18, 2019