Having hit $7,500 yesterday, May 12th, Bitcoin’s price has retraced, marking a correction of about 3.6 percent on the day at the time of this writing. This drop has taken the entire cryptocurrency market with it, with the exception of Binance Coin (BNB), which is doing splendidly well.
Bitcoin Price Back to $7,100
Bitcoin touched $7,500 yesterday, May 12th. However, its price has since pulled back, dropping around 3.6 percent on the day according to CoinMarketCap. Its total market capitalization also took a beating, losing about $5 billion in the same period.
Nevertheless, Bitcoin has gained 42 percent in the last month alone, making the total gains year to date as much as 91 percent.
As it’s almost always the case, a lot of the altcoins have also felt the drop. In fact, all the top 10 cryptocurrencies are trading in the red but one – Binance Coin (BNB).
The recent drop in Bitcoin’s price has also caused it to lose about one percent of its dominance – the index which measures its relative share in the entire cryptocurrency market. It’s currently sitting at 58.7 percent.
Interestingly enough, though, the current BTC dominance percentage is actually higher compared to Bitcoin’s previous parabolic move which led it to reach its all-time high value back in December 2017. Back then, the BTC dominance was only around 54 percent, which signals that altcoins were relatively stronger compared to now.
Binance Coin (BNB) Rips Through The Tide
While some of the altcoins such as Ethereum, Litecoin, EOS, and Bitcoin Cash are all trading in the red following Bitcoin’s retrace, Binance Coin is surging.
BNB is currently up over 10 percent on the day, sitting at a price of $23.11. Interestingly enough, the cryptocurrency performs well against BTC as well. In fact, against Bitcoin, BNB is about 17 percent on the day, currently sitting at 0.0032BTC.
The reasons for BNB’s surge could be many, However, it’s worth noting that Binance recently got hacked and roughly around $40 million worth of Bitcoin was stolen. The exchange Changpeng Zhao has since reassured its users that everyone will be fairly reimbursed as their SAFU fund has the money necessary to refund. However, the withdrawals and the deposits were temporarily frozen.
Just yesterday, prior to BNB’s surge, Binance released the third security incident update regarding the matter, saying that they “aim to fully resume deposits and withdrawals on Tuesday.”