In a day in which most of the virtual currencies are operating with moderate gains, XRP and Binance Coin (BNB) have been the best performing assets among the top 10 in the last 24 hours. While Binance Coin expanded over 6.13% according to CoinMarketCap, XRP surged 4.4%. Bitcoin (BTC) remained stable with an expansion of just 0.17%.
Binance Coin and XRP Expand In The Market
Although digital assets have experienced a correction a few days ago, July 12 was a positive day for the crypto market. Binance Coin was able to register 6.13% gains last day due to the fact that Changpeng Zhao, the CEO of Binance, announced the 8th Binance Coin burn.
This is bullish for BNB that is trying to reach a larger number of users. The cryptocurrency exchange Binance burns BNB coins every single quarter with 20% of the profits they registered. Changpeng Zhao announced that the team behind the company is going to be giving up all the BNB allocation that the team received when the digital currency was created, 40% of the BNB supply.
This is very bullish for BNB that has now surpassed EOS as the 6th largest cryptocurrency in the market. At the time of writing this article, Binance Coin price of $31.46 and a market capitalization of $4.44 billion.
The XRP community has also been active on social media during the last hours due to Donald Trump’s tweet about Bitcoin and cryptocurrencies. The president of the United States mentioned that virtual currencies and Bitcoin are not money and their value is highly volatile.
Many XRP enthusiasts started to support this point of view explaining that the digital currency works with fiat and it gets complemented with banking and financial systems around the world. In addition to it, others suggested that the United States could be interested in XRP as China focuses on Bitcoin and mining activities. This is something that would allow the US to offset China’s Bitcoin strength.
"the U.S. administration is interested in ripple (XRP) adoption to offset China's bitcoin strength."https://t.co/TDaUN09B8Q
— FLORIDASURFER11 (@floridasurfer11) July 12, 2019
Ripple is one of the most important companies in the crypto market and it is offering services to financial firms and banks around the world. With XRP these firms would be able to process cross border payments in a fast and simple way.
Currently, XRP is being traded around $0.34 and it has a market cap of $14.5 billion, which makes of it the third-largest digital currency after Ethereum (ETH) and Bitcoin.
Try Out Binance Today
For over two years, UseTheBitcoin has done the research, covered the news, and helped readers find the best blockchain projects. The one thing we keep coming back to is Binance.