Bitcoin Still Bullish Says Analyst as Crypto Binance Coin (BNB) Surges 15%

In the last 24 hours, the Bitcoin price has slightly dropped from $3,860 to $3,770, struggling to demonstrate strength at the $4,000 resistance level.Despite the lack of momentum on the price trend of Bitcoin, several crypto tokens in the likes of Binance Coin (BNB) and Enjin Coin (ENJ) have recorded 15 percent gains against the U.S. dollar and BTC.Crypto Market Valuation Up $2 Billion (Source: Coinmarketcap.com)Speaking to CCN, a cryptocurrency trader known as “Satoshi, MBA” said that the strength of tokens and small market cap cryptocurrencies show the overall bullish trend of Bitcoin.Historically, most tokens and small market cap cryptocurrencies have tended to record intensified losses in the direction headed by BTC.When Bitcoin records a minor loss, tokens tend to record intensified losses against the USD and when the dominant cryptocurrency rises in price, tokens demonstrate large gains on the upside.However, in the past 24 hours, while Bitcoin recorded a minor drop of around 2 percent, a handful of tokens recorded gains in the 10 to 20 percent range.BNB, for instance, has become the 8th most valuable cryptocurrency in the global market, overtaking Stellar and TRON.https://t.co/3FlqIp585L— Binance (@binance) March 5, 2019Within a 7-day span, the price of BNB surged from $9.5 to $13.4, by more than 41 percent against both Bitcoin and the USD.7-Day Performance of BNB (Source: Coinmarketcap.com)The resilience demonstrated by tokens and the stronger hand of investors playing with higher-risk trades suggests that investors have become more confident in the short-term trend of the crypto market.The analyst told CCN:Yes, I would say the sentiment is still overall bullish, we’re near the end of the bear market.