Bloomberg called Binance Coin the best-performing cryptocurrency of 2019 but it nevertheless remains vulnerable to traders’ intrinsic greed.
The native token of one of the world’s largest crypto exchanges, Binance, has surged by more than 146 percent as of this time of writing. The gains are far larger than what the benchmark cryptocurrency Bitcoin has delivered so far – a dwarfed 90 percent.
Binance Coin has suffered more than 65 percent in losses since June 2019 | Source: TradingView.com
Nevertheless, Binance Coin, or BNB, has also registered a significant downside correction upon hitting a year-to-date high of $43.15. The token is now down by more than 65 percent from the said peak. In comparison, bitcoin’s losses have not gone beyond even 50 percent.
Cryptocurrency Falling Hard
The larger corrections can be attributed to the common perception in the cryptocurrency market, ‘the better you rise, the harder you fall.’
Before the correction, the BNB price had rallied by more than 575 percent against the US dollar. The surge came at the time when Binance started hosting pseudo-initial coin offering rounds, commonly known as initial exchange offerings, or IEOs, atop its newly-launched Binance Chain. Additionally, Binance offered to make those native assets available to trade on its exchange.
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