Bitcoin has been one of the best performing cryptocurrencies of 2019. It has managed to outperform the S&P 500 stock index. Although it has had some difficult months in terms of price, the trend seems to be changing. It has held steady at $7,500 over the past few days. Despite this, it has fallen short of another contender’s growth.
Bitcoin is displaced by Binance Coin (BNC) as the number one crypto in 2019
The news platform Bloomberg published its ranking of the best cryptocurrencies for 2019 by performance. According to the ranking, Bitcoin’s performance has been significant. However, Binance Coin (BNC) is ranked number one for performance. In its top of 2019 cryptocurrencies, the news platform states that BNB has grown by 150%. Its price went from $6 to 15.69 USD at the time of publication. Although Bitcoin has doubled its price, it has not been enough for the first place.
The rest of the altcoins, as the ranking states, have shown losses in their price or grown much less than in previous years. However, BNB was able to record a massive growth, which can certainly be attributed to the success of the cryptocurrency exchange Binance. Over the past few months, Binance has expanded rapidly.
However, the crypto exchange has had a year with some controversies. As CNF reported, Binance CEO Chanpeng Zhao denied accusations about an alleged raid on Binance offices in China. Furthermore, Binance suffered one of the largest hacks in the history of Bitcoin, in May. However, both events did not affect the BNB’s performance.
Bloomberg claims that BNB’s strength lies in its practice of “burning” a part of the BNB supply. Binance is doing this at the end of each quarter with the “BNB token burn” based on trading volume.
On the other hand, the Chinese Ministry of Industry and Technology (CCID) published its report on the 15 most successful cryptocurrency projects. In the ranking, the first position is occupied by EOS, followed by Ethereum and TRON. Bitcoin was able to enter in the top 10, reaching position number 9. In the previous ranking, it had left the top 10 of cryptocurrencies and occupied rank #11.
The price of Bitcoin is $ 7.471 and has registered a slight loss (0.91%) in the last 24 hours.