After attaining an impeccable surge, almost every asset witnessed a drop. Binance Coin [BNB], Bitcoin [BTC], Ethereum [ETH], and an array of assets noticed a major plummet. However, they didn’t take too long to recover. While Bitcoin dropped from $52K down to $44K, all the others did not garner that big of a loss. BTC dipped both with regard to price as well as market cap.
Even though the market cap of BTC dropped down below $900 billion, the overall market cap of the crypto-verse managed to stay above $2 trillion.
Certain assets stayed untethered by the temporary bear invasion. Solana [SOL] and Cardano [ADA] were seen bagging significant profits. SOL even managed to surge over $200. The fairly new coin beat XRP and took over its position as the sixth-largest cryptocurrency.
At the time of writing, Binance Coin [BNB] was trading for $417 with a dainty rise of 1.62%. However, the altcoin lost up to 15.32% throughout the week. With assets like Solana surging in terms of market cap, BNB’s position was put at risk. However, the altcoin’s market cap rose to $70 billion. This further allowed BNB to retain itself as the fourth-largest cryptocurrency.
However, Tether [USDT], the largest stablecoin was at $68 billion, during press time. Therefore, the chances of Binance Coin being overhauled were intact.
Binance Coin [BNB] one-hour price chart
The short-term or one-hour price chart of BNB noticed signs of bull. The MACD line remained over the signal line for the longest time forming a bullish crossover. Even though the distance between the two was faint, the asset persisted its bullish crossover. The Awesome Oscillator indicator laid out small green closing bars and announced the presence of the bull in the BNB market.
Furthermore, the Relative Strength Index [RSI] indicator was seen standing still on the 50 median which indicated minimal buying or selling activity.