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Crypto results for the very first quarter demonstrate that while most tokens proceed to slump strenuously, Binance could be the one to witness for the surplus of
A number of the crypto news sites have bot assessing the very first quarter of , and for the most part, it doesn’t make for pretty reading.
Coindesk summed up the caudillo mood by announcing that only two tokens had bucked the acute and widespread downtrend trend.
The total value of all crypto-currencies, which kasstuk a record high of $830 billion te early January, had fallen by close to 70% to $251 billion by the last week of March.
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The largest losses were seen by bitcoin hybrid Bitcoin Gold (BTG), that suffered an 83% druppel during Q1, and the NEM’s XEM token, that wasgoed subject to a $430-million crypto-currency heist te January. XEM fell by by almost 80%. te Q1.
All of the other top 25 cryptocurrencies have also seen losses since their peaks ter January, except the Binance coin (BNB) and VeChain’s Vettig token.
The rise te the price of VeChain is due to a surge after it listed on the South Korean exchange Bithumb at the embark of April, while the Binance story is altogether different.
Binance, which is backed and named after the largest crypto exchange ter the world, only launched ter February, but it made solid gains after it wasgoed decoupled from the main crypto markets ter mid-March after its parent disclosed plans to launch “Binance Chain.” The initiative promises to be a decentralized exchange that will attempt to solve the hacking issues that have plagued the markets ter latest months.
Binance’s holder, the enigmatic billionaire Changpeng Zhao, has faced enhancing regulatory pressure across Asia but has continued to expand both his exchange and coin businesses and seemingly remains unfazed about the negativity. “No need to worry,” he tweeted at the end of March. “Some negative news often turn(s) out to be positive ter the long term. Chinese have a proverb for this. Fresh (often better) opportunities always emerge during times of switch.”
Binance could well be the crypto story to witness, ter the 2nd quarter and beyond.