It is a difficult time for the market of cryptocurrencies. And is that, since the outbreak of the crisis of the Coronavirus, the price of the criptoactivos has been affected, with investors losing confidence in virtually all markets. However, there is a currency that has not only been maintained, but has increased its value. And today, we are going to tell you why a stable currency of Binance grows with strength.
Why is there a stable currency of Binance?
Since several years, stable currencies have become an essential part of the crypto world. Therefore, the same attempt to solve one of the great problems of the cryptocurrencies: the volatility in its price. Which leads to, in a matter of a few hours, we will witness sharp declines and rises of a surprise in the price of the main virtual coins. Thus, stable currencies combine in themselves the best characteristics of Fiat money and the cryptocurrencies. Taking the stability in the price of traditional money, and tying it to the versatility and speed that provides the technology Blockchain to virtual currencies. This is achieved by anchoring the value of a stable currency to an asset whose trading has proven to be robust, as the american dollar or gold. Thus, for each token of a stable currency issued, there must be a counterpart in the asset on which they are based, deposited in a reserve fund that will serve as a guarantee for the value of the currency stable. With this, it would provide greater security to those users of cryptocurrencies, wishing to perform trading operations or save on virtual currencies. Therefore, they would have the guarantee that the value of your investment or your savings will not change from night to morning if you do the crypto market. Rather, it will remain stable in the time. This is an essential feature for a company like Binance. Therefore, the exchange of cryptocurrencies works with thousands of users which are looking for security, speed and stability in their investments. So, to create a stable currency of Binance, the BUSD, the exchange will be providing to these users exactly what they need.
The BUSD upward
Of course, the competition between the different stable currencies do not escape the dynamics of the market of cryptocurrencies. Where criptoactivos as Bitcoin, Ethereum, Bitcoin, Cash, or Tron, are competing daily to attract more users and gain a greater market capitalization. In the case of the stable currencies, the main one of them by market capitalization would be to Tether (USDT). This is the virtual currency backed by Bitfinex, who carries the title of being the virtual currency, stable or not, with the greatest volume of market transactions per day. However, the stable currency of Binance would not stay behind. So, today, the BUSD grows with strength and leads the change of market capitalization between the currencies stable. Showing how much the BUSD has grown, the stable currency of Binance recorded a growth of 124% in the month to date, according to ICO’s Analytics. The stable currency of Binance is growing strongly as shown in the box. Source: ICO Analytics. Thus, at the time of writing this content, the stable currency of Binance would be listed in the order of 0,99 dollars per token. Driven by the volatility in the international financial markets. What makes it more attractive to virtual coins with a value-backed asset-solid, even surpassing other cryptocurrencies as Bitcoin, which has not recovered yet from the first shocks of the economic crisis generated by the Coronavirus.