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Cryptocurrency Market Analysis: The Rise Of Binance Coin (BNB)

Binance, the biggest cryptocurrency exchange in the world in terms of trading volume, has more than 100 cryptocurrencies listed. When it launched its own cryptocurrency (Binance Coin) in July 2018, it had a market capitalization of $1 billion on the very first day (July 25, 2017). As of February 2019, it has reached a market cap of $100 billion. This has to be one of the biggest crypto success stories in recent history.

Even though it stands at the 11th position on the list of top cryptocurrencies, it is considered one of the most bankable ones at the moment along with Litecoin, Ripple, Tron and Bitcoin. Many businesses now accept BNB as a mode of payment. Its price started at $0.115203. Even in a bearish market at this moment, it closed at $7.82 on February 5, 2019. In fact, if we compare the prices by the end of last with those of now, BNB is enjoying a bullish run at present.

As we know, investors have a tough time in the bear market due to the prices. At the same time, it improves the fundamentals. Crypto-observers have witnessed a steady improvement in the fundamentals of crypto assets since 2018. Eventually, it will lead the market to the bullish zone. Binance Coin is expected to play a leading role during the process.

Binance CEO Changpeng Zhao earlier said that it is odd for any internet-based business not to accept cryptocurrencies as a payment method, as it require less paperwork. He believes cryptos are cheaper, faster and easier to integrate, when compared to its more traditional counterparts. Cryptocurrencies have a more diverse geography and demography, Zhao told Cointelegraph.

Many an expert believe that Binance Coin might be shooting high pretty soon. There are a number of reasons behind it. The most important reason is that BNB is supported by its own exchange and charity foundation. Binance, on its exchange, charges less transaction fee when BNB is used.

In January, Binance tied up with Tron to announce BitTorrent token. By the way, BitTorrent ICO (BTT) was sold out within 15 minutes. The token’s value increased by  870% in one week, Bitcoinist reported. People are getting more knowledgeable about initial exchange offerings. That may help BNB even further.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Sounak has years of experience in online news publication. He has previously worked for IBTimes, The Inquisitr and Free Press Journal.

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