After a dark red week at the crypto fairs, where almost 20 billion dollars has evaporated throughout the market, it is almost unthinkable that there are cryptocurrencies that do better than bitcoin. And yet there are two cryptocurrencys that grew faster in 2019 than bitcoin. And those two are now going to work together.
The top three in 2019
On the Cointimemachine website you can find the history of the entire cryptocurrency market since 2010. If we only look at the first three quarters of 2019, the top three consists of:
- Chainlink with + 730%
- Binance Coin with 375%
- Bitcoin with 176%
The percentages show the difference between the dollar value on January 1, 2019 and now.
About Binance Coin (BNB)
BNB is the coin of crypto exchange Binance. The coin started out as an ERC-20 token on the Ethereum network and has since been migrated to the Binance Chain, that is Binance’s blockchain. In terms of total value, BNB is the seventh largest cryptocurrency. This is due to the different uses of the coin. A few examples: If you trade on Binance, you can use BNB to get a discount on transaction costs. You also need BNB if you want to participate in so-called IEOs, crowdfunding for new projects via Binance. The last important development for BNB is that you can lend BNB through Binance and receive interest on it.
Binance Coin has become more than 45% worth more than bitcoin this year, even after the coin had to give up considerably. At the end of May, BNB had even risen by 205% compared to bitcoin! And if you look not only at 2019, but at an entire year, then BNB has become 550% more worth in dollars.
About Chainlink (LINK)
LINK also has a very strong year, even when compared to bitcoin. And that is actually an understatement, LINK is the best-performing currency of 2019. The currency even scores 740% against the US dollar. Even if you place LINK next to bitcoin, you can see nice numbers. The currency has increased by 390% in satoshi value.
Briefly about what Chainlink does: For security reasons, block chains cannot load data into smart contracts from outside the block chain. Smart contracts are therefore limited to tokens and cryptocurrency. However, many blockchain ideas from industries such as DeFi (decentralized finance), insurance and gaming require information from outside the blockchain. Chainlink offers a decentralized oracle that can safely load this information into block chains.
Collaboration between Binance and Chainlink
And there is a lot of demand for that, as witnessed by the many companies that use Chainlinks services. Think of Google, Swift, Zilliqa and now Binance.
Binance wrote a blog on Friday about their collaboration with Chainlink, with which they have had a partnership since September. The blog says:
“DeFi applications that use Binance can introduce new options for traders who want to automate transactions around different data points. That can be transactions that are caused by large transaction reports, hashrate fluctuations or automated wallet adjustments based on market data. “
This is particularly attractive for companies and people who offer and use trade bots and apis.
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