There is just one cryptocurrency which outperformed the Bitcoin in 2019 and the token is from Binance Holdings.
Binance Coin, also known as BNB has risen around 150% as per CoinMarketCap.com. 8 from the top 10 coins by the market capitalization have shown high decrease rather than increment this year, whereas Bitcoin just doubled.
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BNB has been a favorite of crypto hedge funds and traders from its introduction in 2017. It allows the holders to avail trading discounts and enjoy other benefits on Binance which is one of the biggest crypto exchanges of the world, provided to the customers as a loyalty program.
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Holding users is of great importance in the present scenario for Binance as the exchange platform faces higher scrutiny by the regulation groups of China and United States. Binance, in the past few days has clouded in a lot of controversy. It has been established in Malta which is witnessed as a lighter oversight in comparison to other jurisdictions, some critics have come forth to say that it doesn’t has a fixed office in China or Shanghai after a report that police raided facilities in the biggest city of the nation.
Kyle Samani, co-founder of Austin, Multicoin Capital management LLC holder of BNB coins stated that Binance is out-executing the market, period!
As per CryptoCompare which ranks exchanges, Binance has expanded its market share from 30% to 45%. After launching futures in Sep, the firm has become the 4th biggest Bitcoin futures exchange- Skew.com
A major reason behind the rise of Binance’s burning is – BNBs to lower the amount of coins outstanding. In three month time period, Binance burns BNBs depending on its trading volume. The exchange enjoyed its highest profit in the third quarter even when several cryptocurrencies along with Bitcoin tanked.
To check the growth Changpeng Zhao, the Chief Executive Officer has begun his acquisition spree. Recently he bought Dapp Review which allowed developers to promote and keep a track of applications. On 20th Nov, India’s WazirX which allowed local to purchase and sell cryptocurrencies through fiat was snapped.
BNB rose exponentially in the first half of the year and the returns reflected some of the major cryptocurrency world as the prices eased. One reason for Binance could be the fall of the so-called Initial Exchange Offerings where traders traded BNB tokens for coins sold by Binance Exchange startups.
The outperformance of BNB was big in the starting of the year when the IEO craze was in its full swing. But in the last 6 months, IEOs have cooled off and BNB gave back a lot of its related outperformance.
However, with every passing day, competition is getting tougher as a lot of exchanges have started issuing tokens and trading fee discounts too.
The cryptocurrency exchange platforms have risen in numbers according to Dorman. In the beginning of 2019, BNB was the only token present, but now you have BNB OKB, LEO, FLEX, FTT, KCS and HT. So, there is a tough competition for the same traders.
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