Binance Coin (BNB), the native token of one of the top cryptocurrency exchanges Binance has been gaining popularity, price rise, and increased market value.
Binance coin [BNB]: Analyzing the bulls
It’s been less than a year since Binance Coin (BNB) has entered the market through an ICO conducted by the cryptocurrency exchange Binance. On July 25, 2017, BNB has been trading at about $0.1. Today, its value has reached $14.92 price level. It even surged to the $24.46 in mid-January at one point.
To define Binance Coin, it basically fuels the ecosystem of the exchange. It can be used to pay any type of fees such as trading fees and listing fees on Binance. If we take a look at the BNB price, at the time of writing it has been up by 6.45 percent while sitting at $14.92. In the last one month, Binance Coin has risen over 12 percent.
When it comes to the last three months, BNB has risen through various ups and downs as shown in the below chart. Starting from $13, BNB has risen over 14 percent in these months.
As for the almost yearly part, as you can see in the chart below, it has made a constant upward movement. From an investor’s point of view, Binance Coin surely holds value as it ascends.
Despite the recent sell-off, Binance Coin (BNB) stood firm. Utility tokens, especially exchange tokens are widely circulated and used in the crypto market that makes them all the more attractive.
Wide market value
BNB is world’s 15th largest coin with a market cap of over $1.7 billion while managing about $75 million trading volume daily as per Coinmarketcap. In the past 24 hours, BNB registered the highest trading volume against the following coins.
Being one of the most popular and top cryptocurrency exchanges, Binance has a huge user base that further adds to the increased BNB usage. It has been constantly in the news as it provides more liquidity to other coins by introducing their BNB trading pairs. This point further adds to the value of BNB. Unlike other cryptocurrencies, this coin actually provides stability and ease to them.
Other exchanges are also making their move to this coin as they have started listing BNB. Also, with the latest tweets of Binance CEO, Changpeng Zhao, he is surely in a not so subtle manner working on its wide adoption.
A few exchanges listed BNB, without our involvement whatsoever. They want to attract our users. smart move. Large, targeted user base. It is also validation for BNB (good for us). Focus on product, exchanges have to list good coins. (Far better than shilling in my tweets)
— CZ (@cz_binance) June 25, 2018
He further tweeted:
“I wonder when will wallets and payment gateway providers realize they can start to tap into this highly targeted and one of the largest user bases available, by simply support BNB.”
Now as Binance widen its geographical boundaries and plans to cater a much wider audience, BNB is only going to rise in usage in tandem, more so with the new entries of cryptocurrency in the market. The way Binance is trudging forward, BNB will only follow.
What are your views on Binance Coin (BNB)? Do you think it makes for a good investment or not? Share your thoughts with us by commenting below!
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A computer science engineer, I have been adamantly following the blockchain and cryptocurrency industry for the past 2 years. A crypto enthusiast and hardcore blockchain follower. Reach out to him at [email protected]