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Binance Coin goes past $47, sets a new ATH

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Setting a new all-time high seems to be in fashion for many cryptocurrencies. Binance Coin joined the growing list as it rose past $47 in the early hours of Jan 18. However, after having breached the $47 level the coin experienced a pullback and was trading close to $46 at press time.

Source: BNB/USD, TradingView

The coin held the 11th spot by market capitalization on CoinMarketCap, with a market cap of $6.5 billion. BNB has a YTD return of 168%, which compares favorably to some other popular exchange tokens such as OKB, with a 163% return. BitMax token has actually depreciated by 25.5%, white FTX Token has been a phenomenon with a YTD ROI of 308%. TokenInsight’s exchange token report from August, when BNB was priced at $16.2, noted that the digital asset was undervalued.

Binance Coin climbs past $45, sets a new ATH

Source: TokenInsight

On the charts, Binance Coin has been in a long-term uptrend since early July, when it had a price of $15. The prior downtrend from the previous year’s high at $38.85 was confirmed to be broken when BNB began to rally upward in July 2020, and that momentum is yet to weaken. A move past $45 sets a short-term target of $50 for the bulls, which is also a psychological level of resistance.

According to similarweb.com, the search volume for Binance and related keywords has been rising since October 2020, when it was at 32.5 million page visits to 56.3 million page visits in December.

Binance Coin climbs past $45, sets a new ATH

Source: similarweb.com

On Jan 4th, Changpeng Zhao or CZ, the CEO of Binance, tweeted that the previous 24 hours had seen $80 billion in trading volume across both spot and derivatives on the Binance exchange. He admitted that ATH volumes could be an issue but promised to fix any errors that crop us as quickly as possible.

The performance of Binance as an exchange over 2020 has been remarkable. Binance acquisitions and partnerships in 2020 saw CoinMarketCap acquired in April, Swipe in July, and WazirX, acquired in November 2019, saw a 760% increase in monthly volume over the year.

Each quarter of 2020 saw BNB worth $218.96 million burned through the use of a smart contract function. Cumulatively it was nearly 6% of the BNB in circulation, to increase coin scarcity and eventually burn 100 million BNB.

Binance Coin has a strong use case as it can be utilized to pay fees of any sort on the Binance exchange. Considering the fact that Binance is a global giant in the crypto space whose influence is likely to grow even further, accompanied by the commitment to burning BNB, it might not be too long before $50 is breached as well.

Source: https://ambcrypto.com/binance-coin-goes-past-47-sets-a-new-ath/

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Miami Mayor dismisses Treasury Secretary Yellen’s criticism of Bitcoin

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Over the past few weeks and months, Miami and Mayor Francis Suarez have been working towards positioning the city as the country’s premier crypto-hub. “We want to be one of the most crypto-forward and technological cities in the country,” Suarez had said in a recent interview, with the comments coming on the back of reports […] Source: https://ambcrypto.com/miami-mayor-dismisses-treasury-secretary-yellens-criticism-of-bitcoin/

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FD7 Ventures launches $250M Micro-Fund in India for Cardano, Polkadot-based projects

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A few days after FD7 Ventures, a Dubai-based crypto-investment fund, made news after it announced its decision to sell its Bitcoin holdings worth $750M to buy more Cardano and Polkadot, the fund is in the headlines again. According to a press release, FD7 Ventures has now launched a $250M Micro-Fund in India to invest in […] Source: https://ambcrypto.com/fd7-ventures-launches-250m-micro-fund-in-india-for-cardano-polkadot-based-projects/

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Why Mark Cuban is looking forward to Ethereum’s use cases

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Entrepreneur Mark Cuban is in awe of Ethereum network and thinks that blockchain technology could be a game-changer for various industries. In a recent interview, Cuban said that it is the “simplification of smart contracts” on Ethereum that gets him “excited.” He said: Because now, all these SaaS companies, all these different companies, I could […] Source: https://ambcrypto.com/why-mark-cuban-is-looking-forward-to-ethereums-use-cases/

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Litecoin, EOS, Enjin Coin Price Analysis: 01 March

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Litecoin seemed positioned for additional losses after the long-term moving average closed in on the short-term line. EOS moved within a descending channel after finding support at $3.5. Lastly, ENJ went past a key resistance and saw its price rise on the charts. Litecoin [LTC] Losses in the last seven days amounted to over 25% […] Source: https://ambcrypto.com/litecoin-eos-ftx-token-price-analysis-01-march/

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