Story by: Billy Bambrough
Bitcoin, which has been rallying over the last few weeks after being trapped in a more than year-long bear market, remains far below its all-time high of near $20,000 per bitcoin as traders and investors wait for major financial institutions and retailers to wade into cryptocurrencies.
The bitcoin price has recently climbed back above the psychological $5,000 per bitcoin mark, adding some 45% so far this year. Some smaller cryptocurrencies have climbed far more with a few, including binance coin, created by the Malta-based bitcoin and cryptocurrency exchange Binance, rallying back to all-time highs set in late 2017.
Now, bitcoin and cryptocurrency financial rating agency, Weiss Ratings has suggested binance coin could be the next bitcoin due to it dictating the direction of the market in recent weeks.
Bitcoin has historically decided the direction of the cryptocurrency market, with bitcoin’s price moves pushing and pulling smaller cryptocurrencies.
As the cryptocurrency market has matured, however, smaller cryptocurrencies have increasingly found their own direction independent of bitcoin, with binance coin, an ethereum token used to pay fees on Binance, the world’s largest cryptocurrency exchange by volume, increasingly leading the market, according to Weiss Ratings.
Binance coin is up by more than 300% this year, gaining the most of the top 10 cryptocurrencies by market capitalization, CoinMarketCap data shows. The recent launch of Binance Chain earlier this month triggered another binance coin price rally, taking it above its previous all-time high of $24 per token.