Bitcoin (BTC) price may not be shooting for the starts yet but movements in the last weeks have shown that the cryptocurrency isn’t crumbling soon. Having dropped below $10,000 mark for a brief period last week, BTC has clawed its way back and has made further gains in the last 24 hours that puts it firmly above the critical mark. As we note in cryptocurrency price analysis, Ethereum (ETH), Ripple (XRP), and other top cryptocurrencies have also posted major gains making it a “green day” in the crypto market. In cryptocurrency news today, Facebook’s controversial cryptocurrency Libra is facing opposition, but this time, it is not in the form of a government, regulatory agency or a powerful voice of dissent. The Libra is getting a rival in the form of a similar cryptocurrency project from the biggest cryptocurrency player in the world, Binance.
Binance Cryptocurrency Exchange Unveils Crypto Project to Rival Facebook’s Libra
The biggest global cryptocurrency exchange, it appears, is taking on the biggest social media empire albeit on a cryptocurrency front. According to a report on cryptocurrency news outlet Cointelegraph, Binance crypto exchange will attempt to rival Facebook’s cryptocurrency project with one of it’s own called ‘Venus’.
According to the statement released by Binance earlier today August 19, 2019, Venus is “an initiative to develop localized stablecoins and digital assets pegged to fiat currencies across the globe.”
Highlighting the importance of government and regulatory partnerships, Binance added that it hopes to help to empower developed and developing countries to create new currencies.
Just as Facebook hopes to leverage its existing global social ecosystem comprising Facebook, Messenger, Instagram and WhatsApp, binance said it will take advantage of its expertise as well as an existing blockchain ecosystem, Binance Chain.
“Binance will provide full-process technical support, compliance risk control system and multi-dimensional cooperation network to build Venus, leveraging its existing infrastructure and regulatory establishments.”
Binance Chain which was launched in April already powers a number of fiat-pegged stablecoins, including Binance BGBP Stable Coin (BGBP) pegged to the British Pound and also a stablecoin pegged to bitcoin known as Binance bitcoin (BTCB).
Bitcoin (BTC) Price Analysis – BTC to USD
At the time of writing, the price of bitcoin (BTC) is currently at $10,726 to the US dollar, having gained more than 5% in the last 24 hours. This all fits into recovery trend for the top cryptocurrency which dipped below the critical support of $10,000 last week. Though the bitcoin community should be happy with the daily gain, and more so, with the hourly positive trend, the community would remember that bitcoin is losing on the week-on-week analysis by at least 6%. Bitcoin dominance is at 67.8% of the entire cryptocurrency market.
Binance Coin (BNB) Price Analysis – BNB to USD
Binance Coin (BNB) is currently trading at $28.82 to the US dollar and has also seen a significant gain of 6% in the last 24 hours. The market cap of the token is $4,483,331,398 according to data from the CoinMarketCap website. Also, the volume of activity around the token in the last 24 hours is about $250,000.
Ethereum, Ripple, Litecoin, and Other Altcoin Update – ETH, XRP, LTC, Altcoin to the USD
Ethereum (ETH) is the highest gainer of all cryptocurrencies in the top 20 charts. The most valuable cryptocurrency by market cap beside bitcoin (BTC) gained over 8% in the last 24 hours to beat the blues that overtook the cryptocurrency market last week.
Other top cryptocurrencies also performed well; Ripple’s XRP gained 7.8% to trade at 0.29 to the USD; Bitcoin Cash (BCH) gained 5% to reach $320 mark and Litecoin (LTC) gained 7.5% in the same period to trade at over $78.
Some observers are calling this altcoin rally the long-awaited altcoin season, but what do you think of the cryptocurrency market today as we look forward to the new week.