BNB – the native coin of world’s number one crypto trading platform, Binance set a new record after smashing its all-time-high price previously set during the bull run of 2017- January 2018.
The seventh largest cryptocurrency by market capitalization has by this move; become the second cryptocurrency so far (after EOS) that has managed to rebound to its ATH after the market draw down of January 2018.
Binance Coin made a surge of 14% over 24 hours and surpassed its previous all time high of $24.46 to then trade at $24.65 per BNB. According to data provided by the CoinMarketCap, its market cap also hit the $3.4 billion mark from a previous $2.4 billion.
Reports and analysis have attributed this surge to numerous developments and news around the exchange and coin’s ecosystem. A notable factor is the anticipated launch of its mainnet swap on the Binance Chain slated for April 23rd which now moves the token from the Ethereum (ERC20) blockchain to its own native blockchain.
Another probable reason for the BNB price spike could be the coin burn by Binance which reduces the supply of its circulating tokens hence, pumping up price through more demand. Also, Binance CEO Changpeng Zhao who has been in the news over his Bitcoin SV delist, has further endeared himself to the support of cryptocurrency faithful; which could be a factor too.
Elsewhere, investors have expressed confidence in the long term growth of the Binance cryptocurrency particularly in the decentralized exchange (DEX), decentralized application (DApp) and more use cases for the BNB coin. Several blockchain projects like Red Pulse and Mithril have also migrated their tokens to the Binance Chain; a move which saw Mithril surge by 70%.
In all, the BNB coin which dropped to $5 in December 2018 has jumped 5x since December, performing strongly against both Bitcoin and the US dollar.
Do you hold any BNB? What are your price predictions for the Binance coin?
