TLDR:
- Gemini becomes latest major U.S. exchange to offer BNB trading, expanding access for American investors.
- BNB demonstrates market resilience while major altcoins like Cardano and Dogecoin face significant declines.
- Coinbase includes BNB on listing roadmap but has not launched trading, potentially due to competition factors.
- Altcoin season appears to have ended as Fear dominates sentiment and traditional cycles break down this year.
Gemini, the third-largest cryptocurrency exchange in the United States, has announced trading and custody support for BNB. The native token of the BNB Chain ecosystem was originally issued by Binance in 2017.
BNB serves multiple purposes, including payment of trading fees and network transactions. This development marks a notable expansion in BNB’s accessibility across major U.S. trading platforms.
Major Exchange Adds BNB to Platform
The digital assets platform confirmed the addition through an official announcement. BNB now joins the roster of cryptocurrencies available for trading and custody on Gemini’s platform.
According to Wu Blockchain, Kraken already provides BNB support to its users. Meanwhile, Coinbase has included BNB in its listing roadmap but has not yet enabled trading.
The BNB token functions as the primary cryptocurrency within the BNB Chain ecosystem. Users commonly employ it for digital currency transactions and covering network fees.
Applications built on BNB Chain also utilize the token for various operations. Gemini noted in a blog post that Binance historically offered fee discounts and promotional programs for BNB holders.
The expansion of BNB availability across multiple exchanges reflects growing demand for established altcoins. However, the broader altcoin market has faced challenges throughout the year.
The CoinMarketCap Fear and Greed Index has predominantly registered Fear or Extreme Fear levels. The Altcoin season index similarly remains depressed during this period.
Altcoin Market Faces Headwinds
Several major altcoins have experienced substantial price declines in recent months. Cardano has dropped from approximately $0.80 to around $0.39 at present.
Dogecoin has fallen from about $0.29 to roughly $0.13 during the same timeframe. These movements suggest the traditional altcoin season may have concluded for now.
Tron has emerged as one of the few standout performers in the current market. The altcoin, backed by entrepreneur Justin Sun, has maintained relative stability. BNB has also demonstrated resilience amid the broader market downturn.
The token benefits from Binance’s extensive product development efforts and a fast-growing ecosystem.
Some industry observers suggest traders now better understand cryptocurrency token dynamics. Litecoin founder Charlie Lee recently acknowledged that starting his project was a mistake.
He now recommends long-term investment primarily in Bitcoin. Privacy coins like Zcash and Monero experienced temporary appreciation but face potential competition from privacy features in larger cryptocurrencies.
Strategy’s Michael Saylor addressed quantum computing concerns, explaining that crypto protocols can upgrade software to counter any emerging threats.
The post Gemini Exchange Launches BNB Trading and Custody Services appeared first on Blockonomi.
Source: https://blockonomi.com/gemini-exchange-launches-bnb-trading-and-custody-services/
