The cryptocurrency market saw a massive pump on 19 February, with over $10 billion added to the collective market cap and coins like Ethereum [ETH], EOS and Bitcoin Cash [BSH] skyrocketing ahead. The top cryptocurrency Bitcoin also surged past the $3,900 mark for the first time since January. However, as the bulls began to subside and the correction ensued, only a few coins managed to ride the green wave and among them, were Binance Coin [BNB] and Stellar Lumens [XLM].
A new entrant into the top 10, Binance Coin has yet again surged ahead, just two weeks after another isolated rise saw it overtake Bitcoin SV [BSV] to break into the elites.
Binance Coin is currently trading at $10.81, a whopping 17.21 percent increase compared to its price at the beginning of the week. This price bump is not a recent phenomenon for the coin, as BNB’s price has been on a strict uptrend since the beginning of the month when it was priced at $6.19. Since the start of February, the coin has been riding a bullish wave surpassing heavyweight coins like Cardano [ADA], Monero [XMR] and Bitcoin SV [BSV].
In terms of market capitalization, the coin has seen a massive uptick since the month began. On February 1, BNB’s market cap was valued at just under $800 million and within six days, the coin broke past the elusive $1 billion mark. Since then, the coin has managed to add over $500 million to its market cap. At press time, the market cap of the coin stands at $1.52 billion.
Binance Coin finds the majority of its trading volume on its native exchange Binance, via the following trading pairs, BNB/USDT and BNB/BTC, accounting for $54.81 million or 10.82 percent and $33.34 or 24.71 percent BNB trade volume respectively. Taking the third and fourth spots is P2PB2B, via the trading pairs, BNB/BTC and BNB/USD.
Stellar Lumens has also managed to make significant strides in the market. The coin saw its worst decline for over a year at the end of January when the market cap slipped down to $1.59 billion and the price fell by over 31.26 percent in just one month. Following its recent surge, however, Stellar Lumens has overtaken Tron [TRX] to take the eighth spot on the market as the latter declined against the US dollar by 1.42 percent. The gulf in terms of the market cap between the two coins currently stands at just above $30 million.
XLM is still recovering from the January low but has managed to keep its head above the water as surrounding coins begin to drown. The coin has risen against the US dollar by 5.23 percent, second only to the aforementioned Binance Coin. Stellar Lumens is currently trading at $0.0883, a massive 11.6 percent price increase since the beginning of the week.
The market cap of the coin has surged to $1.69 billion. However, the signs are not all positive for Stellar Lumens as market movements point to a bearish wave with the market cap falling from an earlier high of $1.73 billion.
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Graduate of Finance and Economics, interested in the intersection of the world of decentralized currency and global governance.