Home Altcoin Altcoin Selloff Intensifies; Bitcoin's Dominance Index Rises

Altcoin Selloff Intensifies; Bitcoin's Dominance Index Rises

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Binance Coin (BNB) is currently capitalizing on gains of 6.4% for the day, as BNB tokens rise in value amid the overwhelming market decline of the past twenty-four hours.

Steady Growth Amid the Dip

Reaching a daily low-point of $13.04 at the break of dawn this morning (UTC), BNB went on a run which took it all the way to $13.87, marking 6.4% gains. The growth levelled out and fell back down to $13.45, but that decline has since reversed and BNB continues to climb at the time of writing, currently sitting on a price of $13.81.

Looking at the markets in play, BNB/BTC trades make up 41% of the daily total – not far off the overall BTC dominance of 48%. Up next is Tether (USDT), making up 35% of the trades, while ETH trades only account for 4.4% of the daily total.

Surprisingly, BNB finds itself being traded on FCoin against USDT, where the $5 million volume has been excluded from statistics due to a lack of transaction fees.

The gains come on top if news that Binance has just acquired the Trust Wallet – a mobile wallet for iOS and Android that apparently handles over 20,000 cryptocurrencies, in particular ERC20 tokens.

Binance Acquires Trust Wallet

CZ’s own praise of the Trust wallet has been effervescent, from a figure normally known for his calm demeanour, over the last few hours he has tweeted:

“A secure, easy to use, on-chain mobile wallet with full dapp support. The next gen mobile wallet begins… A strong team with product focus… Diamond in the rough… Best Wallet, period…”

The founder of Trust Wallet, Viktor Radchenko responded to CZ’s tweet, saying:

“I’m excited to join Binance team because it means we can continue to build great things and help dapps and tokens take over the world. Thank you team for helping Trust – Ethereum Wallet be a better product and make a different in this world.”

Radchenko described his motivation to create the wallet, citing a lack of support for ERC-20 tokens as a prime factor:

“I started working on Trust Wallet because app stores did not have any open source wallets for Ethereum and ERC20 tokens. Our focus have always been on building better interface for storing and accessing funds, as well as laying the infrastructure for other developers to build dapps.”

As someone who has had the Trust wallet installed on his phone for several months now, I can say that I am as surprised by this move as anybody. Not that the Trust wallet finds itself lacking, simply that it resembles any other handful of ERC-20 mobile wallets at this time.

With that said, the Binance move will likely boost the profile of the wallet and add a little more confidence among those who find mobile wallets too risky. Of course, the risk is only negated on the assumption that Binance adds some legitimacy, or at least security to the venture – an assumption that not everyone is comfortable making.

Featured image courtesy of Shutterstock.

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