The Binance Coin and NEM prices continued to surge against the US dollar on Wednesday, even spil other cryptocurrencies posted a near-universal retreat.
Bitcoin, Ethereum Lead Widespread Cryptocurrency Retreat
It wasgoed a dismal day for cryptocurrency traders. The Bitcoin price retraced another four procent to $8,812, while Ethereum dipped five procent to $667.
On the entire, the cryptocurrency market cap index dropped by Three.Three procent, bringing its seven-day decline to $67 billion.
However, two cryptocurrencies managed to defy this bearish backdrop and postbode strong advances against the dollar.
Related video: Bitcoin Price Drop | Binance Exchange Hacked? | Bitcoin Falling
NEM Price Rises on Coincheck Payout
The very first of thesis wasgoed NEM, which achieved a solid seven procent increase. At one point, the NEM price rose spil high spil $0.54 during intraday trading, albeit it has since ebbed to a present value of $0.45.
XEM Price Chart | Source: TradingView
NEM now has a market cap of $Four.Three billion, a mark that has permitted it to sneak back into the ninth position ter the market cap rankings almost two months after being expelled from the top Ten ter the wake of the high-profile January hack of cryptocurrency exchange Coincheck.
But just spil the Coincheck hack correlated with NEM’s decline, it has also bot a catalyst te its present rally. The exchange technicus this week began paying out compensation to the approximately 260,000 users who lost NEM tokens (XEM) spil a result of the theft, and that compensation – which wasgoed paid ter fiat – wasgoed worth almost dual the current NEM price.
Consequently, it emerges that investors are using those funds to repurchase their missing NEM, and te some cases, using the toegevoegd funds to increase their holdings above what they were at the time of the hack.
Binance Coin Leaps on News of Decentralized Exchange, Public Blockchain
Even NEM’s climb, however, wasgoed eclipsed by that of Binance Coin (BNB), the eponymous utility token of one of the world’s highest-volume cryptocurrency exchanges. BNB made an astounding 20 procent rally to $9.66, raising its market cap to just under $1 billion and permitting it to climb to 25th te the rankings.
Related video: Bitcoin’s Price Drop A Technical Correction – Bitcoin Crash!
BNB Price Chart | Source: TradingView
BNB’s rally is the ongezouten result of Tuesday’s announcement that Binance is building a decentralized cryptocurrency exchange (DEX) built upon “Binance Chain” – a dedicated public blockchain. BNB, which is presently an ERC20 token, will be transferred to the fresh blockchain and serve spil its native asset. It is not presently clear when Binance Chain and the DEX will launch, but the company says it will expose more details te the near future.
Featured picture from Shutterstock.
Go after us on Telegram or subscribe to our newsletter here.