The crypto market is all in green and things are looking more than great, many altcoins saw growth in double-digit percentages which is really great. As I said in my noise post right before the FED Chairman's speech, the market can react both ways drastically during and after the speech, and one thing is sure, volatility in the cryptocurrency market. And as we can see already that the crypto market has shown drastic growth in the last twenty-four hours. In this article, we will look into some of the statistics and compare them with where they were last day to get an understanding of what things have changed in the market, and yes, we will also look into one of the coins from the trending coins list of CoinMarketCap. So let's dive into it.

Overview Of Cryptocurrency Market

As I already told you on Monday's release of "Market Overview", this week will be massively volatile because of mainly the tech companies releasing their earnings and FED activities. And we saw both things, the crypto market got affected negatively after the release of earning reports from tech companies and positively reacted to the FED-related things. 

At the time of writing this article, Bitcoin is trading at $22,915 around ~7% up in the last twenty-four hours. As Bitcoin surged nearly 7%, other altcoins including Ethereum, Solana, Binance Coin, and many others also reacted the same way and showed nice gains in the last 24 hours. One thing we can say for sure is that we never know how the crypto market will react to the events in traditional finances.

As you can see in the picture below that Bitcoin dominance is still bouncing in the range of 40% - 41%, currently, it is at 40.39%. Yesterday, it does reach the lowest point of 40.15% but it bounced back from there. If you are following the daily 'Market Overview' articles, then you might have seen that Bitcoin dominance is standing still in the range of 40%, but another thing to notice here is that it is continuously testing that level and trying to break it, but till now that level is holding up but if it gets breakout then we might see a nice altcoin rally. And about the Fear and Greed Index of Bitcoin, it is at 32 rising from yesterday's 28, which indicates that people are getting interested to get into the market, but are still not very confident.

And at the rightmost part of the picture above, there is a comparison between total long and short positions across multiple crypto exchanges. One thing I like to mention is that people get to interpret that more long positions mean greener things will be, but this is not true. The concept of Funding Rate plays an important role in perpetual or futures trading. So do not get confused with that. And now, as you can see that currently, 48.28% are in long positions while there are 51.72% in short positions, these percentages show that traders have balanced their positions. Other stats related to the crypto market are as follows:

Market Cap: $1.08 Trillion (+6.10%)

24h Volume: $1.63 Trillion (+2.35%)

Trending Coin Of The Day

In this section, we go through the coin that is on the trending coins list on CoinMarketCap. We look into its basics and dig enough into them to get an overall understanding of the project.

Binance Coin (BNB)

Binance Coin (BNB) is one of the best coins in crypto projects. As it is the native coin of one of the best crypto exchanges in the crypto space, Binance. Binance is responsible for more than 50% of the trading volume in the crypto space and BNB can be utilized in the ecosystem of Binance. Apart from that, BNB is the native coin of the Binance Smart Chain, one of the top blockchain networks. With these two utilities, BNB can be the most utilized coin in the space but there is more than those utilities. 

At the time of writing this article, BNB is trading at $268 up by ~4% in the last twenty-four hours. As I already told you how large BNB's ecosystem is, that puts BNB on the top ranking on CoinMarketCap or any other crypto screener. With the vast exposure because of Binance and BSC, BNB might be the first altcoin introduced to people who are diving into the world of crypto.

The first public sale of BNB was carried out on the 1st of July 2017, with 50% of the token supply (atm) on the sale, totaling $100 Million was raised at $0.15 per token. And looking at the current value of the BNB, the total ROI of the 1795x. The capital was raised from the investors like Sequoia, Fundamental Labs, and many other reputed individuals as well as VC firms.

Being one of the best coins in the crypto space security became the priority of the developers. Binance is audited by Certik, one of the reputed auditing companies in the crypto space. Binance scores 95 out of 100 on Certik, which is labeled as 'excellent'. The security, market & community scores contribute to the overall rating. You can check the details regarding the Certik audit report in the following picture:

Related Links:

Official website: Buy/Sell Bitcoin, Ether, and Altcoins | Cryptocurrency Exchange | Binance

Audit report: BNB Chain - CertiK Security Leaderboard

BNB @CMC: BNB price today, BNB to USD live, market cap and chart | CoinMarketCap

Conclusion

Since the market has surged a lot in reaction to the FED rate announcement and other reasons. But these are the times when most people lose money by taking emotionally driven decisions. So take decisions independently, do your own research and then only invest.

And about today's coin of the day, BNB. It surely is the best altcoin in the crypto space but being a coin connected to a centralized exchange like Binance makes it over-exposed in the eyes of regulators all over the globe. So if you are planning to invest then understand all the risks around the coin and then go forward.

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