Since January 14, the price of Binance Coin (BNB) has increased from $ 5.54 to $ 9.7, by more than 75 percent against the U.S. dollar. In the same time frame, the valuation of the crypto market dropped slightly by $ 3 billion from $ 124 billion to $ 121 billion.
On January 16, the Binance team burned $ 9.4 million worth of BNB in a coin burn, eliminating a portion of the circulating supply of the crypto asset.
On February 9, the market added $ 10 billion overnight in a span of several hours, triggering some assets like Litecoin and EOS to surge by more than 20 percent.
“The daily doesn’t look great IMO. I want to see a HH before getting excited about a HTF market structure shift. We’ve made a HL on the weekly, but we made a HL on a weekly a few times in this bear market. Remember $ 7.4k, 6.8k etc,” one trader said.