Binance Coin (BNB) Is the Best Performing Cryptocurrency of 2018
Every major cryptocurrency has taken a massive hit in 2018. After hitting peak highs in early January, the great majority are now down 80 to 90% from their peak all-time highs.
Despite the massive downward market pressure, Binance Coin (BNB), the token associated with Binance, the world’s most popular cryptocurrency exchange, has performed relatively well, up around 42% this year.
Since hitting an all-time high of $24.91 on January 12, BNB has retreated around 50% to $12.52. While in any other market this would seem like a total collapse, BNB has actually outperformed every other major cryptocurrency YTD. This is especially notable as the losses occurred in the initial sell-off to start the year.
BNB hit a bottom of $6.03 in late January but has steadily risen over 300% on the back of a number of major announcements by the exchange. Most recently, Binance revealed that it had acquired Trust Wallet, a mobile cryptocurrency wallet that supports Ethereum and over 20,000 different Ethereum based tokens, across the ERC-20, ERC-223 and ERC-721 standards.
An analysis of the best-performing cryptocurrency trading pairs shows that BNB/BTC and BNB/USD lead the pack. Notably, the BNB/BTC trading pair is currently up 208% YTD with the next closest trading pair (ETC/BTC) at only 25%.
BNB is currently ranked 15th in the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens, and 1st in the AltDex Exchange Token Index (ALTEXC), a benchmark index for the industry’s leading exchange tokens.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.