While very few things are ever guaranteed in the world of cryptocurrency, one can usually assume the Binance Coin price will move up a decisive manner sooner or later. Today is another example of how this market works. The recently announced changes to accessing the Binance Launchpad will undoubtedly have something to do with this surge.
Binance Coin Price Notes Another Surge
Until about an hour ago, Binance Coin was just like any other cryptocurrency market in terms of overall momentum. Nothing exciting was happening, yet it seems that has all come to change in a rather unexpected manner. More specifically, the price has spiked once again, primarily because of some changes coming to the Launchpad service. As such, it appears this market is subjected to a major frenzy by people who want to buy BNB.
Following a very bullish one-hour candle, it appears as if the Binance Coin price has moved up by 7% across the board. Its USD value has now increased to $16.44, whereas one BNB is valued at 0.004 BTC, or 0.119 Ether. All of these trends are very promising in their own regard, although it remains uncertain if this mini-surge can remain in place for very long. There is still a fair bit of resistance on this market as well, although it seems the demand for BNB is increasing pretty quickly.
The big news is how the Binance team decided to change the terms and conditions of using Binance’s Launchpad. It now seems access to upcoming projects is determined by the amount of BNB owned by users over the past 20 days. Since no one knows when new projects will launch exactly, it is only normal to assume the demand for BNB may see some extreme volatility moving forward. Whether or not that is a good thing, remains to be seen.
Aha, this explains the sudden surge in the value of the BNB token. Now access to projects on the launchpad will be determined by amount of BNB over a period of twenty days. @@binance @cz_binance #BnBhttps://t.co/UULe8ghN3t
— ahacrypto 🌐⚡🇺🇦 (@ahacrypto) March 24, 2019
Secondly, it seems a lot of traders expect the current momentum to wear out pretty quickly. More specifically, rsconversions expects things to turn rather bearish very soon. While there is a good chance this bullish momentum will last a few hours, it appears as if the bearish trend is a matter of time at this point. It will primarily depend on how the Launchpad change is perceived by users, as a lot of people have started opposing Binance for “pumping their own token” as of late.
Yes it just pumped n will dump #bnb
— crypto lambo (@CryptoRSV) March 24, 2019
When looking at the current BBN chart, it is evident these strong green candles in very quick succession will be met with a fair bit of resistance at some point. When that resistance will form, or how dire things will get, is a different matter altogether. BNB has been on a tear as of late, and it seems that situation may not necessarily change because of the Launchpad-related changes. Today will be an interesting day for this token regardless of how one feels about BBN in general.
Nice candles for the birthday cake 🎂 . $BNB
Happy birthday to me 😛🎉 pic.twitter.com/iD5eEhxNKa
— 𝑺𝒂𝒄𝒉𝒊𝒏 𝑱𝒂𝒊𝒏 (@itsSDJ) March 24, 2019
From an investor and speculator point of view, it seems those who obtained BNB at any value before the current price point will be rather happy with the way things are going. It is seemingly another big step toward achieving a new all-time high, which would be something worth keeping an eye on. Considering how all of the top markets are still in a bear market right now, the BNB price momentum is all the more impressive. The tactics used to ensure that growth, however, will undoubtedly spark some interesting debates.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.