There’s a new crypto sheriff in town, and it goes by the name of Binance Coin.
Make Way for BNB, the Seventh-Largest Coin
Binance Coin – or BNB as it’s also called – is now the seventh-largest cryptocurrency by market cap, and the currency has risen by approximately 300 percent over the past year. Recently, the coin surpassed its all-time high of roughly $24.
In addition, the currency is looking better and better in the eyes of so-called experts. Last month, the Weiss ratings – which rate cryptocurrencies based on their technical prowess, security and customer benefits – rated Binance Coin, along with a few other currencies, a solid B- grade. The asset, still relatively new to the space, beat out bitcoin, which was given a less-than-stellar grade of C+.
B- is the highest grade handed out by the Weiss Ratings report. Though it may not seem like much, there is proof within the report that cryptocurrencies are becoming more mainstream, and the changes made to their blockchains aren’t going unnoticed.
However, there was a catch to the rating as the report claims the currency’s price is not sustainable at its present momentum. The document reads:
Binance merits a B-, but its grade is currently influenced by a recent surge in its market price, which may not be sustainable.
The digital asset has certainly been on a roll, but the comments made about its price in the Weiss report place it along the same lines as bitcoin, which hit $20,000 in late 2017. Many believed the currency was unstoppable, but as we started learning a month later, this was far from the truth. The currency began sinking faster than the RMS Titanic, and while at press time the coin is doing its best to recover, there is a long road ahead regarding a potential spike to $20,000 again.
One of the main reasons behind bitcoin’s sudden rise is believes to be price manipulation. As with what’s suggested with Binance, bitcoin couldn’t sustain its speed and stamina, and crashed much faster than anticipated.
Good Rating, Good Price, Unclear Future?
Binance, the exchange issuing the coin, has been embroiled in controversy over the past few weeks following an announcement that it would delist bitcoin SV, a currency that resulted from the bitcoin cash fork in November 2018. Calvin Ayre – a representative of Craig Wright and the founder and owner of Coin Geek – took issue with the maneuver, claiming:
This decision will certainly be reported to the Maltese regulators as this is surely a case of people in trusted positions abusing that trust and playing God with which token gets the most volume and market access… The decision to delist bitcoin SV seems to be that they don’t like one scientist that works on the platform. Craig [Wright] doesn’t own [bitcoin SV], nor does anybody, so this appears to be very unprofessional.