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Altcoin News

Tron’s Justin Sun: “Binance (BNB) is the New Bitcoin (BTC)”

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Justin Sun Binance Tron

Binance, the cryptocurrency exchange is the biggest within the space and its currency BNB has also made a strong rise in the past few weeks.

BNBs rise to seventh in the rankings on coin market cap, with the token reaching as high as $15 US dollars price despite the bear market is in stark contrast to their fellow competitor’s fortunes in recent months. This increase has prompted some to speculate that BNB may overtake Ethereum as Aisa Crypto Today recently reported.

Tron foundation’s CEO and founder, Justin Sun congratulated Binance for their achievement and called BNB the “new Bitcoin.” Sun said,

“Huge Congrats on $BNB, a new #Bitcoin.”

Currently BNB has a valuation of $14 US dollars, with a market cap of $2,101,966,597 USD. The market volume in the past 24 hours is $199,068,053 USD at the time of writing. Since the turn of the year the token has seen a steady growth, this may be down to the recent developments of their Launchpad, Binance’s DEX exchange and other measures that have elevated the token’s value and strength.

Mati Greenspan, eToro’s senior analyst, had a different opinion on Binance’s BNB popularity and rise, contending that:

Mati Greenspan (Source: Bloomberg.com)

“Binance coin has been able to buck the crypto correlations principally because people buy it as a way of speculating on industry growth. If the markets are moving it means people are trading, and Binance has a big share of those volumes.”

Whatever the case may be, it is nice to see that Justin Sun is a good sport and showing props to his fellow competitors within the space. Will Binance continue to grow or peter out? Let us know in the comments!

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