It would appear the most recent cryptocurrency momentum is already turning against the markets once again. That brief spell didn’t last long, albeit it was to be expected. The Binance Coin price is the first to go in the red, thanks to declines in USD, BTC, and ETH value alike. A rather worrisome trend that shows cryptocurrencies aren’t out of the woods just yet.
Binance Coin Price Momentum Sours
Given the positive cryptocurrency market momentum over the previous 24 hours, it was a matter of time until the bears made their mark again. No uptrend can be maintained in this industry throughout 2018, and it seems this latest round will fare no differently. The Binance Coin price shows how quickly things can go, as it is currently underway to drop below $16 once again.
To put all of this into perspective, the Binance Coin price declined by 3.19% over the past 24 hours. That is rather unusual, especially when considering how all other cryptocurrencies are doing just fine so far. None of the other top coins are in the red, which makes it all the stranger to see Binance Coin takes such an unfortunate stumble in this regard.
It seems most of the declines are facilitated by the BNB declines in relation to both Bitcoin and Ethereum. With a 5.92% loss against Bitcoin and Ethereum gaining 8.64% over Binance Coin, it is evident there isn’t much positive momentum to speak of. When the markets turn green, altcoins usually go along the same path, but this time is very different for BNB.
Even though the Binance Coin price is on the decline, the trading volume itself isn’t suffering all that much. More specifically, with $100.847m in 24-hour trading volume, the overall interest in Binance Coin isn’t slowing down by any means. Unfortunately, it seems most people are interested in liquidating their altcoins in favor of the top currencies.
At the time of writing, the USDT market is clearly in the lead for BNB trading. Bitcoin comes in second place, followed by Ethereum, EOS, and Skycoin. It would appear the USDT and ETH values are the lowest for these five pairs, which seems to indicate most of the bearish pressure originates from that front.
It is certainly possible the Binance Coin price momentum will turn around in the coming hours. That will primarily depend on how bearish both Bitcoin and Ethereum get in the next 12-24 hours. If the current gains continue to get wiped out, there will be plenty of blood in the streets by tomorrow morning.