Binance Coin, NEM Prices Continue to Climb Despite Market Recovery


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Coin and NEM prices continued to climb against the US dollar on Wednesday, although other cryptocurrences retreated.

Bitcoin, Cryptocurrency removal spilled in the Ethereum

It was a dismal day for cryptocurrency traders. The Bitcoin price traced another four percent to $ 8,812, while Ethereum fell five percent to $ 667.

<img class="size-large wp-image-132689" data-size="1145×439" src="https://businessdigit.com/wp-content/uploads/2018/03/1521031373_23_binance-coin-nem-prices-continue-to-climb-despite-market-recovery.jpg" alt=" NEM Price "width =" 1024 "height =" 393 "/>
Source: CoinMarketCap

Overall, the index of the market capitalization of cryptocurrency fell 3.3%, bringing its seven-day decline to $ 67 billion.

However, two cryptocurrencies managed to defy this bearish backdrop and to post sharp gains against the dollar.

NEM price increases with payment by check-to-decimal

The first of them was NEM, which achieved a solid seven percent increase. At one point, the NEM price rose to $ 0.54 during intra-day trade, although it has since been reduced to a current value of $ 0.45.

<img class="size-large wp-image-132687" data-size="1268×639" src="https://businessdigit.com/wp-content/uploads/2018/03/binance-coin-nem-prices-continue-to-climb-despite-market-recovery.png" alt=" nem price "width =" 1024 "height =" 516 "/>
XEM Price Chart Source: TradingView

NEM now has a market capitalization of 4, $ 3 billion, a mark that allowed him to sneak into ninth place in the market capitalization rankings nearly two months after being kicked out of the top 10 as a result of the cryptocurrency swap of January of great importance Coincheck

.

But just as the Coincheck hack was correlated with the decline of NEM, it was also a catalyst in its current rally. The exchange operator began this week to pay compensation to some 260,000 users who lost NEM tokens (XEM) as a result of the theft, and this compensation – paid in fiat – was worth almost double the current NEM price.

Therefore, it appears that investors are using these funds to buy back their missing NEM, and in some cases using additional funds to increase their holdings above what they were at the time of the hacking.

Binance's coin jumps on news of decentralized exchange, public blockchain

Even the rise of NEM has however been overshadowed by that of Binance Coin (BNB), the eponymous utility token of one of the world's largest cryptocurrency exchanges. BNB made an incredible rally of 20% to $ 9.66, bringing its market capitalization to just under $ 1 billion and allowing it to climb to 25th place in the rankings.

<img class="size-large wp-image-132688" data-size="1268×639" src="https://businessdigit.com/wp-content/uploads/2018/03/1521031373_67_binance-coin-nem-prices-continue-to-climb-despite-market-recovery.png" alt=" Price of the Coin Boursome "width =" 1024 "height =" 516 "/>
BNB Price Chart

The BNB Rally is the direct result of Tuesday's announcement that Binance is building a decentralized cryptocurrency exchange (DEX) based on "Binance Chain" – a dedicated public blockchain: BNB, which is currently an ERC20 token, will be transferred to the new blockchain and will serve as the Native assets: clear when Binance Chain and DEX will be launched, but the company says that it will reveal more details in the near future.

Image from Shutterstock to photo

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