Binance Coin Spikes 13%, Again: Can Explosive Tokens Pump Bitcoin to $4,200?

Binance Coin Spikes 13%, Again: Can Explosive Tokens Pump Bitcoin to $4,200?


Binance Coin (BNB), the native crypto asset of Binance Chain, a blockchain network developed by the world’s largest cryptocurrency exchange, has spiked by 13 percent again, extending the momentum of Bitcoin and the rest of the market.

Off of its recent price movement, Binance Coin overtook Tether, the most dominant stablecoin in the cryptocurrency market, to become the 7th most valuable digital asset in the market.

In the week before, Binance Coin surpassed TRON and Stellar for the first time, achieving a market cap of over $2 billion.

Fueled by the momentum demonstrated by major crypto assets in the likes of Binance Coin and Litecoin, Bitcoin has recovered to $3,900 and is en route to enter the $4,000 region.

CAN BITCOIN RECOVER TO $4,200 OFF OF THE RALLY OF BINANCE COIN AND OTHER TOKENS?
Throughout the past month, many traders have emphasized the importance of the $4,200 resistance level for Bitcoin.

Bitcoin cleanly broke out of $4,000 in February but struggled to test the $4,200 level and as soon as BTC came close to breaching out of $4,200, it plunged below $3,700.

Following a plunge in price of Bitcoin from $4,200 to $3,700, economist Alex Krüger ‏explained on February 24:

Today’s crypto dump was a simple correction. Prices had just gone up vertically for 16 days without a pullback. Take ETH for example: +38% without a pullback. Levered longs piled up. People FOMOed. BTC reached the first strong resistance ($,4200) and gravity kicked in.
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