Binance Coin (BNB), the crypto asset that can be exchanged for transaction fees on the Binance exchange, is up more than 140 percent year to date and is now deviating from bitcoin’s price trend – a feat not commonly observed in the nascent crypto markets.
While the reasons that most cryptocurrencies are highly correlated to bitcoin are not definitive, studies have shown this dependency on bitcoin’s trend has only grown stronger with time. Yet, BNB is proving different.
BNB, currently ranked eighth as per CoinMarketCap, in fact, is the only cryptocurrency out of the top 10 to post a yearly gain against the dollar. The next closest performer, Tron’s TRX token, is printing a -44 percent annual loss.
As depicted in the above chart, the performances of the top 10 cryptocurrencies by market cap tend to align closely with one another except for stablecoin Tether (USDT), given it is designed to hold a consistent value.
However, this connection began to weaken for BNB/USD as 2019 began, a fact made evident by BNB/USD’s performance line (orange) above, which has been deviating significantly from the other big name cryptocurrencies, effectively making it the most bullish notable outlier of the group. Read more