BNB Overtakes Solana in Market Capitalization Amidst Legal Troubles

According to CoinGecko data, Binance's BNB token has surpassed Solana to become the fourth biggest cryptocurrency in terms of market capitalization. The two...

Binance Coin’s Surge to Top 4 Spot Sparks Price Predictions – Is it a Good Time to Buy?

📷 BNB is bullish despite Binance’s legal troubles. 📷

Binance’s BNB token has surpassed Solana to become the fourth-largest cryptocurrency by market capitalization, according to data from CoinGecko. The two altcoins have had divergent price movements over the past seven days, with BNB growing by 10% while SOL dropped by 9.4%.

Currently, BNB is trading at $381.95, marking a 4.9% increase in the last 24 hours. On the other hand, SOL’s pullback is stabilizing as it trades at $105.80, 3% higher than the previous day.

While most of the top cryptocurrencies, including Bitcoin and Ethereum, have seen price growth over the past 24 hours, Bitcoin has actually retreated by 1.5% over the past week to trade at $51,601. In contrast, Ethereum has experienced a 6.6% surge overnight and now trades at $2,987.68.

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🔥 BNB Continues to Rally Despite Legal Troubles 🔥

Despite facing negative publicity and various legal issues such as probes and lawsuits from the Department of Justice, the Internal Revenue Service, the US Treasury, the Securities and Exchange Commission, and the Commodity Futures Trading Commission, BNB has been on a rally all week long.

In contrast, SOL’s decline over the past week can be attributed to a sharp decrease in network activity. Starting February with 1.02 million active addresses, Solana now hosts 689.4k, indicating a 32% decrease in just three weeks.

Taking a closer look at the chart, BNB has been on the rise for the past three months, consistently growing in value. It is currently trading slightly above its 30-day moving average. With a Relative Strength Index (RSI) of 64, it appears that investors are actively buying BNB, suggesting that the rally may cool down soon. However, BNB holders are unlikely to experience anything worse as the token has found strong support around $350.

Source: TradingView

An Interesting Alternative to BNB

While BNB remains relatively safe despite uncertainties surrounding Binance and its former CEO CZ, there are alternative options for those seeking safer investments away from Bitcoin and Ethereum. Bitcoin Minetrix (BTCMTX), a promising project, has raised over $11.3 million in an ongoing presale purely based on its utility.

BTCMTX tokens offer a great opportunity for cloud Bitcoin mining. The Bitcoin Minetrix protocol utilizes Ethereum smart contracts to convert investors’ tokens into cloud mining machinery for mining Bitcoin rewards. This eliminates the need for purchasing specialized mining rigs. Simply buy and stake BTCMTX through their website.

The more BTCMTX tokens investors lock up, the more cloud mining credits they receive. These mining credits represent hash power, allowing the Bitcoin cloud mining software to make more attempts at solving cryptographic puzzles and validating transaction blocks. This mining process is rewarded in Bitcoin.

Furthermore, staking BTCMTX generates additional yields in BTCMTX, further fueling the staking/mining cycle. With miner rewards set to halve on April 19, early investors may want to act swiftly. Currently priced at $0.0136, its value is expected to rise in the coming days.

💰 Buy Bitcoin Minetrix Here 💰

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Q&A

Q: How did BNB overtake Solana in market capitalization? A: BNB’s market capitalization exceeded Solana’s due to the divergent price movements of the two altcoins. While BNB grew by 10% over the past week, SOL faced a decline of 9.4%.

Q: Will the rally of BNB continue amidst Binance’s legal troubles? A: Despite facing negative publicity and legal issues, BNB has been on a rally throughout the week. While the rally may cool down soon, BNB holders are unlikely to experience anything worse as the token has found strong support around $350.

Q: What caused SOL’s decline over the past week? A: SOL’s decline can be attributed to a significant decrease in activity on the network. The number of active addresses on Solana decreased by 32% in just three weeks.

Future Outlook and Investment Recommendations

Based on the current market trends and data, BNB’s bullish performance suggests a positive future outlook. However, investors should be cautious of potential market corrections and the impact of Binance’s legal troubles on the token’s price.

Bitcoin Minetrix (BTCMTX) presents an interesting alternative investment opportunity for those looking beyond Bitcoin and Ethereum. Its unique approach to cloud Bitcoin mining, utilizing Ethereum smart contracts, offers potential rewards for investors. The project’s successful presale fundraising demonstrates its potential for growth.

Investors looking to diversify their portfolios and take advantage of the upcoming miner rewards halving in April may consider allocating a portion of their capital to BTCMTX. However, it is essential to conduct thorough research and due diligence before making any investment decisions.

References

1. CoinGecko – https://www.coingecko.com/
2. Department of Justice – https://www.justice.gov/
3. Internal Revenue Service – https://www.irs.gov/
4. US Treasury – https://home.treasury.gov/
5. Securities and Exchange Commission – https://www.sec.gov/
6. Commodity Futures Trading Commission – https://www.cftc.gov/
7. Binance – https://www.binance.com/
8. Solana – https://solana.com/

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