Binance’s BNB token has flipped Solana to become the fourth largest cryptocurrency by market capitalization, according to data by CoinGecko.
The two leading altcoins had seriously divergent price movements over the last seven days. BNB grew 10% while SOL dropped by 9.4%.
BNB currently changes hands at $381.95, up 4.9% in the last 24 hours. Meanwhile, SOL’s pullback is cooling. It now trades for $105.80, about 3% higher than it was this time yesterday.
While most of the top cryptocurrencies have grown in price over the last 24 hours, including Bitcoin and Ethereum, market leader Bitcoin has actually pulled back 1.5% over the last seven days to trade at $51,601. On the other hand, Ethereum added 6.6% overnight to trade at $2,987.68.
BNB has been rallying all week despite arguably negative publicity as the exchange continues fielding probes and lawsuits by the Department of Justice, the Internal Revenue Service, the US Treasury, the Securities and Exchange Commission and the Commodity Futures Trading Commission.
SOL’s weeklong decline could be attributed to a sharp decline in activity on the network. Solana started February with 1.02 million active addresses. It now hosts 689.4k—a 32% decrease in the number of active addresses in just three weeks.
A glance at the chart shows that BNB has only been growing in value over the last three months. It’s currently trading just ahead of its 30-day moving average. With a Relative Strength Index (RSI) of 64, it looks like investors are buying a lot of BNB at the moment, so the rally is likely to cool, although BNB holders are not likely to see anything worse. The token appears to have found strong support at around $350.
Source: TradingView
An Interesting Alternative to Binance’s BNB
While Binance’s BNB appears safe for now, the uncertainty surrounding the exchange and its former CEO Changpeng “CZ” Zhao give the token a riskier outlook than other top altcoins.
Those looking for Bitcoin and Ethereum alternatives that are a bit safer need look no further than Bitcoin Minetrix. BTCMTX is a promising project that has raised over $11.3 million in an ongoing presale off the back of its utility alone.
Exciting news for the #Crypto mining industry! #PolarisTechnology unveils plans for a $100 million, 200MW data center in Muskogee, Oklahoma.
What opportunities do you think this development will bring to the local community?#BitcoinMinetrix has successfully raised more… pic.twitter.com/m6jQ29WJ1D
— Bitcoinminetrix (@bitcoinminetrix) February 20, 2024
BTCMTX tokens are the perfect starter kit for getting into cloud Bitcoin mining. The Bitcoin Minetrix protocol uses Ethereum smart contracts to turn investors’ tokens into cloud mining machinery to mine Bitcoin rewards. There is no need to purchase specialist mining rigs. Simply buy and stake BTCMTX via the website.
The more BTCMTX tokens investors lock up, the more cloud mining credits they’ll receive. Mining credits represent hash power. The greater the hash power, the more attempts the Bitcoin cloud mining software can make to break the network’s cryptographic puzzles and validate blocks of transactions. This is mining, and it is rewarded in Bitcoin.
The staked BTCMTX also generates yields in BTCMTX, further fuelling the staking/mining cycle.
With miners’ rewards set to halve on April 19, investors may want to get in early. It’s currently priced at $0.0136, but this is due to rise in three days.
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