Binance Coin, NEM Prices Continue to Surge Despite Market Retrace

Binance Coin, NEM Prices Continue to Surge Despite Market Retrace

The Binance Coin and NEM prices continued to surge against the US dollar on Wednesday, even as other cryptocurrencies posted a near-universal retreat.

Bitcoin, Ethereum Lead Widespread Cryptocurrency Retreat

It was a dismal day for cryptocurrency traders. The Bitcoin price retraced another four percent to $8,812, while Ethereum dipped five percent to $667.

Source: CoinMarketCap

On the whole, the cryptocurrency market cap index dropped by 3.3 percent, bringing its seven-day decline to $67 billion.

However, two cryptocurrencies managed to defy this bearish backdrop and post strong advances against the dollar.

NEM Price Rises on Coincheck Payout

The first of these was NEM, which achieved a solid seven percent increase. At one point, the NEM price rose as high as $0.54 during intraday trading, although it has since ebbed to a present value of $0.45.

XEM Price Chart | Source: TradingView

NEM now has a market cap of $4.3 billion, a mark that has allowed it to sneak back into the ninth position in the market cap rankings nearly two months after being expelled from the top 10 in the wake of the high-profile January hack of cryptocurrency exchange Coincheck.

But just as the Coincheck hack correlated with NEMs decline, it has also been a catalyst in its present rally. The exchange operator this week began paying out compensation to the approximately 260,000 users who lost NEM tokens (XEM) as a result of the theft, and that compensation which was paid in fiat was worth nearly double the current NEM price.

Consequently, it appears that investors are using those funds to repurchase their missing NEM, and in some cases, using the extra funds to increase their holdings above what they were at the time of the hack.

Binance Coin Leaps on News of Decentralized Exchange, Public Blockchain

Even NEMs climb, however, was eclipsed by that of Binance Coin (BNB), the eponymous utility token of one of the worlds highest-volume cryptocurrency exchanges. BNB made an astounding 20 percent rally to $9.66, raising its market cap to just under $1 billion and allowing it to climb to 25th in the rankings.

BNB Price Chart | Source: TradingView

BNBs rally is the direct result of Tuesdays announcement that Binance is building a decentralized cryptocurrency exchange (DEX) built upon Binance Chain a dedicated public blockchain. BNB, which is currently an ERC20 token, will be transferred to the new blockchain and serve as its native asset. It is not currently clear when Binance Chain and the DEX will launch, but the company says it will reveal more details in the near future.

Featured image from Shutterstock.

14.03.2018 / 08:09 30
NEM Price Jumps 16% as Other Top Coins Tumble NEM Price Jumps 16% as Other Top Coins
The NEM price surged 16 percent on Tuesday, defying the bearish trend that characterized every other top-tier cryptocurrency. NEM Price Surges 16
Ripple Price Dives after Coinbase Quashes Support Rumors Ripple Price Dives after Coinbase
The Ripple price posted a double-digit percentage decline on Tuesday after cryptocurrency exchange and brokerage platform Coinbase squashed rumors
Ripple Price Surges 17% as Crypto Market Makes $15 Billion Advance Ripple Price Surges 17% as Crypto
The cryptocurrency markets continued their steady advance on Monday, with the majority of top 100-coins and tokens rising against the value of the US
Ethereum, Litecoin Prices Headline $20 Billion Altcoin Rally Ethereum, Litecoin Prices Headline $20
The cryptocurrency markets achieved another comprehensive advance on Tuesday, but breaking from recent norms the bitcoin price was not leading
Bitcoin Price Flirts with $11,000 as Other Top Coins Retreat Bitcoin Price Flirts with $11,000 as
The Bitcoin price continued to flirt with the $11,000 threshold on Friday, even as other top cryptocurrencies experienced minor declines. Meanwhile,
Litecoin Price Posts Lonely Decline as LitePay Debit Card Launch Fails Litecoin Price Posts Lonely Decline as
The Litecoin price posted a lonely decline on Tuesday after LitePays much-anticipated debit card launch was scrubbed at the last minute and delayed
Comments (0)
Add a comment
Comment on