Solana (SOL) and Binance Cash (BNB) Exhibit Slight Recovery – Quick Update - Forex News by FX Leaders
Bitcoin not leading the crypto market anymore

Solana (SOL) and Binance Cash (BNB) Exhibit Slight Recovery – Quick Update

Posted Tuesday, January 11, 2022 by
Arslan Butt • 2 min read

The whole crypto market has turned negative lately, due to the increased number of countries banning cryptocurrencies, coupled with the energy crisis. The leading cryptocurrency, Bitcoin, declined by more than 15% during the last week, shifting the whole market mood to the downside. However, the Altcoins, like Solana and Binance cash, have shown a sign of slight recovery. So let’s take a look.

Solana (SOL/USD) recovers by +0.71% 

SOL/USD closed at $135.964, after placing a high of $143.741, and a low of $130.147. SOL/USD declined and dropped to its lowest level since September 2021. Popular crypto analyst, Spencer Noon, started a debate on Solana vs. Polygon on Twitter, stating that most Web3 enthusiasts consider Solana the second most popular/frequently used smart contract platform, but his data showing that Solana was the second most used platform for smart contracts was not accurate. According to that data, the average number of active daily users on Solana was 180,000, and on Polygon, the number was 270,000.

Solana (SOL) Live Rate

[[Solana-graph]]

In response to this, the co-founder of Polygon, Sandeep Nailwal, said that heavyweight marketing plays a significant role in the decentralized crypto system. He pointed out that Solana was getting more traction, due to heavy institutional marketing. These comments by Nailwal put some extra pressure on SOL/USD, which was already declining, following the prevailing market trend. Yesterday, the SOL/USD also followed the trend and fell to its lowest level since September 2021.

Furthermore, the soaring prices of the US dollar also added extra selling pressure to SOL/USD on Monday. The DXY, which measures the value of the greenback against a basket of six major currencies, surged to 95.99 on Monday. Meanwhile, the dollar was getting traction from the expectations of a potential interest rate hike in March. As SOL/USD and the greenback share a negative correlation, the crypto dropped due to the stronger dollar on Monday.

Binance Cash (BNB/USD) recovers +5.98% 

BNB/USD closed at $424.80, after placing a high of $445.40, and a low of $407.70. On Monday, BNB/USD followed the prevailing negative market trend and dropped to its lowest level since October 2021. The CEO of Binance Exchange, Changpeng Zhao, also known as CZ, has reached the top of the list of the richest crypto billionaires, with an estimated net worth of $96 billion.

A report from Bloomberg suggested that CZ ranks 11th in the list of the world’s richest people, because of the position of Binance as the biggest crypto exchange in terms of trading volume. Moreover, the continuous efforts of CZ to accrue operational licenses across jurisdictions globally have made Binance successful. Despite regulatory hurdles, Binance has maintained an ongoing partnership and acquisition streak, to remain a leader in the cryptocurrency trading space.

Binance Cash (BNB) Live Rate 

[[BinanceCash-graph]]

The most recent achievement of Binance is the acquisition of a prominent crypto Visa card provider, Swipe, which operates at over 70 million locations worldwide. Furthermore, the crypto exchange has also launched a $1 billion initiative to fast-track the development of the Binance Smart Chain ecosystem and advance mainstream adoption across the financial technology sector.

The rising strength of the US dollar on Monday added further pressure to the already declining prices of BNB/USD and weighed on it. The US dollar was gaining strength on bets of a rate hike earlier than expected, and it reached the 95.99 level, which dragged BNB lower, as the two share a negative correlation.

 

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