December 5, 2022

Crypto Engine is a crypto trading tool for investing in the crypto market with an %88 average win rate on trades and is the #1 trading software for crypto traders from all around the globe in 2022. Try it For FREE Today. 


Monday has been more than good for the whole crypto industry with BTC hitting a three-day high and ETH looking like it is about to start recovering. LUNC gained over 20% thanks to the announcement from Binance that it will start burning trading fees. Projects Cardano and Algoran stabilized and look quite resilient amidst the crypto winter. However, there was at least one loser.

Binance’s influence is immense in the crypto market

Binance is the biggest international crypto exchange that leads the pack with over 17% of the market share and several million active retail traders and investors. It is certainly the strongest shark in the industry and can make or break a new project. As LUNC started enjoying renewed interest from traders with its trading volume skyrocketing by 330% to $1.9 billion, USDC lost over 10% of its value in a single swoop.

Binance decided to delist USDC completely reducing the market dominance of USDC and cutting down its price by an additional 10% removing a huge chunk from the market cap. With Binance’s support gone, USDC will no longer be a strong competitor or Tether or even Binance USD which are both still supported by this CEX. However, it is also unlikely that USDC will lose its loyal audience. The 10% drop seems temporary and may bounce back a couple of percentage points very soon.

The stabilization of ETH is also a very important news story. The token seems to be fortifying its positions above the $1300 support line and the amplitude of swings is getting smaller indicating that traders are no longer interested in trying to pull the blanket and want to see where the token will head next.

Bitcoin survived the weekend and did not fall under $19K

BTC dipped a couple of times to $18.6K but started the week strong by climbing over the $19K support line and preparing to hold this line throughout this week which is more than possible considering the stabilization of the crypto market. While recovery is unlikely, Bitcoin should avoid losing too much.


trade now

Altcoin Directory is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Some of the content on this site (namely Branded Content Posts) is paid content that is not written by our authors and the views expressed do not reflect the views of this website. Any disputes you may have with brands or companies mentioned in our content will need to be taken care of directly with the specific brands and companies. The responsibility of our readers who may click links in our content and ultimately sign up for that product or service is their own. Cryptocurrencies, NFTs and Crypto Tokens are all a high-risk asset, investing in them can lead to losses. Readers should do their own research before taking any action.


Leave a Reply

Your email address will not be published.

Only $250 and you're Rich - Simple way to make $1,372/Day Learn More
Skip to content