Yet again blockchain and cryptocurrencies have proven how cost effective it is to commence transactions worth billions of dollars.
Today, $1.20 billion worth Binance coin (BNB) was transferred between two addresses on Binance chain in 1.10 seconds for a fee of $0.015, according to data published by WhaleAlert, a website monitoring huge volume trades.
In other news Simon Peters, an analyst at eToro, has stated that Bitcoin (BTC) could hit a high of $20,000 in the next two weeks and even $50,000 or $100,000 by the end of 2019.
The big transaction that took place on Binance chain was not totally unexpected. A hint of such a high value transaction was given by Changpeng Zhao, CEO of top cryptocurrency exchange Binance.
Changpeng Zhao stated that the cryptocurrency exchange is planning to move the holdings in its BNB cold wallet to multiple addresses on Binance chain. Following the completion of the transaction, Zhao provided additional information regarding the cost and speed of transaction data.
“This transaction: cost $0.015 USD in fees, took 1.1 seconds, and $1.2 BILLION in value transferred. The future is here.”
The exact quantity of Binance coins moved to Binance chain is 32,888,888. Regarding the quantity of BNB coins transaction, a Twiterati highlighted that ‘8’ is unlike any other number in Chinese numerology. Wikipedia stated that “the number 8 is viewed as such an auspicious number that even being assigned a number with several eights is considered very lucky.”
To a worrisome query on the movement large volume of BNB coins, Zhao said
“It sort of signals it’s not a hack, hackers will drain a wallet and not go for a lucky number.”
Of late, Binance transferred 9,001 Bitcoin (BTC) to binance chain. These Bitcoins back the BTC backed crypto. Last week USDSB trading pari was listed on Binance DEX, theBinance blockchain based decentralized exchange. Interestingly, Peters pointed out that it took 7-14 days last time for Bitcoin to rally from $11,800 to $20,000.
Furthermore, Peters warned that his short-term forecast is based on the premise that Bitcoin continues to move in the prevailing parabolic path. Peters feels that the present surge is unique from previous rally because it was not perfectly complemented by a sharp rise in “Buy Bitcoin” kind of Google searches, implying that the major movers are institutions who had earlier safeguarded their funds from volatility by investing in stable coins.
Regarding whether the rally would be able to sustain, Peters gave the following response:
“With the number of sell positions building in the market it’s possible we could see a correction very soon. Even if that was the case though, bitcoin continues to remain on track to close out the first half of the year on a highly positive note. We could see bitcoin reaching $50,000 or even $100,000 this year.”
The analyst pointed out that Bitcoin is appreciating at a quicker rate than altcoins. In fact, some altcoins such as Tezos (XTZ) and Basic Attention Token (BAT) have lost 11.1% and 6.8% in the past one week to trade at $1.10 and $0.3280, respectively.
CoinMarketCap data also indicates that Bitcoin crossed 60% market dominance for the first time since April 2017 while its market cap reached $226 billion. Furthermore, for the first time in 2019, Bitcoin came close to hitting $13,000 today. It hit a high of $12,928.80 at the time of writing this article.
