The cryptocurrency market is plunging today, with the global market capitalization dropping below $900 billion. Bitcoin is trading at $17K, while Ether is at $1,200. Amid the price decline, BNB could be a good buy at the low prices, given the recent developments surrounding the Binance cryptocurrency exchange.
Why BNB could rally higher
BNB is a token issued by the Binance exchange. The token has dropped by over 13% in the last 24 hours to trade at $287 at the time of writing, according to CoinMarketCap. The token is currently down 57% from its all-time highs.
In the past 24 hours, BNB has had trading volumes of over $5 billion, and its market capitalization currently stands at $46.82 billion, ranking it as the fourth-largest cryptocurrency after Bitcoin, Ethereum, and Tether.
Binance could be a good buy during the recent crash amid the financial strength of the Binance exchange. The CEO of Binance, Changpeng Zhao, said that the exchange had entered into a non-binding agreement to acquire the FTX exchange, adding that FTX had asked for Binance’s help to help it process withdrawals.
If the acquisition deal goes through, it will give Binance a vast market share in crypto. FTX was the third-largest exchange globally by trading volumes, and its acquisition by Binance will increase its trading volumes significantly.
Binance is also fronting itself as an exchange focused on transparency, with CZ announcing that it will release proof-of-reserves. By doing this, Binance wants to boost users’ trust, which has been dampened after the closure of multiple firms in the market, including Celsius, Voyager, and now FTX.
These three coins could rally higher
The broader cryptocurrency market is dumping today as investors take out their money due to the fear that the bear market could intensify. Amid the ongoing selling pressure, three coins have the potential to set themselves aside, and they could rally higher. These three coins are Dash 2 Trade, IMPT, and Calvaria.
Dash 2 Trade is a crypto analytics and intelligence platform. Crypto traders are constantly looking for tools that will assist them in making winning trades, and Dash 2 Trade is filling this gap. Once this crypto signals platform is launched, it will support many features such as trading signals, social sentiment metrics, and social trading. The D2T presale has already raised more than $5.76 million.
The second presale to buy during the crypto crash is IMPT. The IMPT presale has raised more than $12.55 million. The presale is in stage two as investors hurry to beat the price increase before the third stage commences. The IMPT.io ecosystem allows individuals and corporates to buy, sell and retire carbon credits. As a green crypto, IMPT is attracting ESG investors.
The third presale to consider putting your money in today is for Calvaria (RIA). The blockchain gaming sector has grown significantly over the past year. However, the barrier to entry for non-crypto players has hampered the competitiveness of the space. However, Calvaria is bridging the gap between traditional and blockchain gaming. The RIA presale has raised more than $1.64 million.
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