The digital currency market recently experienced a sharp price plunge. Bitcoin (BTC) – which is the largest digital currency in the world by market cap – recently took a sharp decline and the rest of the digital currencies in the market followed suit. The only digital currency that resisted the contagious decline is Binance Coin.
Binance coin was able to move in the opposite direction and surge higher over the past day. The slight increase in the value of the digital currency also helped it to secure a spot in the list of top ten digital currencies by market cap. Outside of the top ten digital currencies, almost all the other digital currencies were in the red.
Bitcoin (BTC) itself was just trading slightly over its support at the $3,400 level. Whereas, Ethereum (ETH) – the third largest digital currency in the market – lost a few dollars and declined to the $104 level. On the other hand, XRP (XRP) – which is the second largest digital currency by market cap – just plunged beneath the 30 cents level, a level that has acted as support for the digital currency for several weeks now.
The Crypto Market Is Still Under the Dominance of the Bear
The global average for the world’s largest digital currency is still lingering around $3,400. However, on several digital currency trading platforms, including Coinbase, the digital currency is trading around the $3,300 level.
Last night’s late trading saw Bitcoin (BTC) loss more than $65, and the digital currency is yet to recover from that loss. For reference, the loss on every Bitcoin on Coinbase was enough to purchase a full Bitcoin SV. The bears have been struggling with Bitcoin all morning to bring the value of the coin down. The bears eventually brought the value of the coin down to $3,345.
Bitcoin (BTC) Price Today – BTC / USD
Ethereum (ETH) also experienced a sharp price plunge. The decline in the value of Ethereum (ETH) was mostly commensurate with the decline in the value of Bitcoin (BTC), but worse. Two or three dollars means a lot to a digital currency that is struggling to stay over the $100 level than it is to a digital currency that is trading comfortably over the $3k level.
In a similar way, Ethereum (ETH) saw about half the trading volume of Bitcoin (BTC) today, at more than $1.89 billion. The current state of the decentralized application industry is also not helping matters as much. Nevertheless, philosophically-inclined, long-term traders know that digital currencies have only started their value cycle.
Binance Coin was Able to Resist the Gravity of the Market
Binance Coin (BNB) is the native currency of Binance Exchange and the digital currency is mainly used to pay for fees on the digital currency trading platform. About the same time Ethereum (ETH) and Bitcoin (BTC) started heading south last night, Binance Coin started moving upward.
Over the past twenty-four hours, the digital currency has seen a trading volume of more than $103 million. The digital currency is currently trading at $8.27 after an increase of more than 6 percent over the past day. Binance Coin is currently holding the number 10 position on the list of top digital currencies in the market after overtaking Bitcoin SV and Cardano (ADA).