Market Roundup: BTC Not Stopping Anytime Soon, BNB Moons
3 min readThe end of the week brings more all-time highs as bitcoin (BTC), ethereum (ETH), and several majors all saw gains following a week that started off bearish, but turned bullish extremely fast.
On Friday, Feb 19, bitcoin reached another all-time high: $55,843. For the fifth consecutive day this week, the world’s most popular cryptocurrency not only broke another all-time high but also broke the $1 trillion market cap level, something never seen before.
Bitcoin has shown relative strength the entire week and it was inevitable following Thursday’s (Feb 18) market roundup that an all-time high was in play once again.
Binance Coin Still Mooning
Talk of the week has to be the meteoric rise of Binance Coin (BNB). The Binance exchange native token has seen an incredible 170% surge in price.
Binance Coin is now up 800% in 2021 already. Furthermore, the project has now overtaken Tether (USDT), Polkadot (DOT), Cardano (ADA), and Ripple (XRP) for the third spot, with a market cap of just under $50 billion.
Top 100 Biggest Gainer
It comes as no surprise that the biggest gainer in the top 100 is Binance Coin. On Friday Feb 19, BNB rallied 60%, even bigger than Wednesday’s and Thursday’s price rallies.
Other exchange tokens also made the list, including Huobi Token (HT) and OKEx’s OKB token. PancakeSwap (CAKE) was also up another 37% following the rally from the previous day.
Not only did CAKE climb 37%, but the Decentralized Exchange (DEX) also saw daily volume surpass rival Uniswap. The latest Ethereum gas fees have put a dampener on Ethereum-based DEXs as Binance Smart Chain (BSC) DEX PancakeSwap gains popularity for lower fees.
Coupled with the recent news that Binance was not processing ethereum transactions due to so-called congestion on the Ethereum network, CAKE had completed nearly $2 billion in daily volume compared to Uniswap’s $1.17 billion.
ETH Finally Tapping $2,000?
ETH has been a laggard this week. The second biggest crypto has not managed to break the $2,000 mark just yet. However, it continues to gain on the resistance level. On Friday Feb 19, Ethereum reached $1,972 and looks set to possibly break $2,000 over the weekend if Bitcoin behaves.
All eyes will be on ETH over the next few days to see if it can pull off a rally similar to other major caps such as Binance Coin.
The next few days will prove vital for BTC and ETH as both look to establish new highs in the market. Altcoins are seeing big gains and will likely continue if BTC and ETH are stagnant over the next couple of days.
All in all, it appears to be an exciting time for cryptocurrency investors. But is it safe to say yet that alt season is finally here?
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