The ups and downs of the market should be something we’re used to by now, but it still causes a wave of excitement or agitation each time. On Sunday, February 24, billions were lost within two hours. It is comforting to know that within last week, and early this week, the market is making up for it.
Yesterday, March 5, the cryptocurrency market showed some positive performance. Specifically, the likes of Litecoin and Binance coin incremented significantly in price in comparison to their value on Monday. Moreover, $6 billion was added to the market which brings Bitcoin closer to crossing the $4,000 price level after declining last week.
Litecoin and Binance Coins Show an Impressive Performance
The improvement can be seen in the performance of Litecoin and Binance coin. In the case of Litecoin, the virtual asset on March 5 hit its all-time high for the year at $54.02. As at press time, it is trading at $54.09 which is over a 17 percent increment from a few hours ago. Likewise, Litecoin’s market capitalization moved from 2.8 billion to 3.2 billion, yesterday.
The hike in Litecoin’s price which has become a pattern of late can be attributed to some factors. For starters, Charlie Lee, Litecoin’s creator on February 2 stated that the company intends to use the Mimblewimble protocol to bring about the virtual asset’s scalability, fungibility, and privacy. In a recent report, BTCNN revealed that Litecoin Foundation has partnered with GLORY, the world’s premier stand-up combat league which will now accept Litecoin on its online store.
Binance Coin Price Also Kicks In Within 24 Hours
Binance coin (BNB) which is currently trading at $13.43 had an opening price of $11.52 as at yesterday. Hours later, it hit the $13 price level, and there was also a significant improvement in its market capitalization. From 1.6 billion as of March 4 to 1.9 billion the next day.
The price increment of BNB can also be linked to some factors and one of such, is the latest news from Binance, a Malta-based cryptocurrency exchange behind the coin. Changpeng Zhao, the Binance’s CEO announced that the testing of the company’s decentralized exchange (DEX) would begin on March 7.
The CEO had earlier stated that BNB would be used to pay gas fees on Binance chain which DEX runs on. Yesterday, it was also announced that Binance Launchpad would host a token sale of another cryptocurrency, Celer which will be purchased with BNB. This and many more may have indirectly influenced the price of the virtual asset.