Binance’s native BNB coin is a standout mover on a day where bullish sentiment in crypto markets appears to be spreading to altcoins. While all markets are green, BNB and Dash are among a handful that have shown double-digit growth.
The Bitcoin Charge Had Been Lonely… Until Now
Bitcoin’s meteoric rise since early April from just over $4,000 to around $7,300 at press time had left a lot of altcoins in its wake. To the chagrin of many altcoin hodlers and the ire of crypto traders who trade into and out of BTC, the OG crypto’s surge has been something of a poisoned chalice.
While there are few in the crypto community who are not reveling in the surging price of bitcoin, there was growing concern BTC was swallowing the market. Bitcoin dominance now sits at just shy of 60 percent. That is a ten percent increase since early April.
Herd Starting To Gather
Per Coinmarketcap, at press time only 11 of the top 100 coins by market cap are in the red for the 24-hour period, and most of them only barely. Binance’s native BNB coin is up ten percent on rumors that eBay will soon begin accepting crypto, and that BNB will be at least one of those accepted digital assets.
The eBay rumors stem from advertising at Consensus 2019 banner ads that have teased the crypto community with an “it’s happening” message.
— wolf (@ImNotTheWolf) May 12, 2019
Binance’s native coin is now the world’s seventh largest digital asset, having roared to life over the past year. This recent spike comes despite the exchange’s hack last week, which will cost it $40 million.
Dash is also up over ten percent for the 24-hour period. It has now advanced to a new monthly trading high. Dash’s sharp price movement has been attributed to the announcement of the Dash Ventures investment fund. The foundation claims it is “the world’s first ownerless and memberless investment fund.”
Has Alt Season Begun?
A number of pundits have been predicting a new alt season would follow bitcoin’s dramatic and persistent rise in price. If renewed positive price action among altcoins proves lasting, it could usher in a wave of interest from investors who have spent the past 12 months sitting on the sidelines.
It remains, however, slightly too early to tell for sure if the green signals represent a new crypto spring or a false dawn. And the fate of BNB will possibly be affected by developments at eBay, for better or worse.
Either way, altcoin hodlers and crypto traders alike have received a fresh sprinkle of positivity to begin New York Blockchain Week.