Cryptocurrency

3 Times the Value within 3 Months, Binance Coin BNB Emerges to be the Hottest Coin in the Market

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It seems like the crypto’s glorious sun is shining extra bright on Binance Coin BNB. In the past three months, the coin’s value has tripled itself, turning the coin to be the hottest coin in the market currently. The current value of Binance coin is 15 U.S Dollar. Binance is the largest digital asset exchange when it comes to the trading volume. The coin is currently showing the best performance in the crypto market and is holding the seventh spot as per CoinMarketCap. Currently, the market cap of the Binance Coin is 2,223,538,563 U.S Dollars, or 552,399 BTC, or 15,908,708 ETH. In the past 24 hours the total volume of the coin has been 132,028,616 U.S. Dollars, or 32,800 BTC, or 944,623 ETH. The current market supply of BNB is 141,175,490 BNB while the total market supply is 189,175,490 BNB.

One can reason that due to last year’s tumble down of prices up to 90 percent; the digital market, therefore, has got little changed resulting in the surge. The strong growth of Binance coin has added another feather to the co-founder of the crypto exchange- Zhao Changpeng’s hat. He co-founded the exchange back in 2017 when there was seen a crypto rise. On the other hand the managing partner at hedge fund Multicoin Capital Management in Austin, Texas- Tushar Jain said-

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“This is the best executing team in crypto. […] “We expect to hold them for the foreseeable future.”

Binance Coin BNB has already been used for paying for the transaction fees that various exchanges impose upon the users. Ahead of this, the coin is looking at some further brighter possibilities. With its popularity, it is soon to be the favorite medium of crypto exchanges that are seeking to issue initial coin offering ICO. This will indeed help startups to get listed on a famous platform such as Binance. Currently, it is one of the most liquid exchanges that boasts 1 billion trading volume of 24 hours basis.

In an interview Zhao said-

“We are in the same boat. […] We do not want the price to drop, to be negatively impacted. We are very much aligned with our investors. […] I don’t think it is security. I don’t think that there is any regulation against destroying assets you have yourself. In the worst case, we can stop the burning process.”

On the other hand, the crypto exchange is also looking into trading and transfer of digital assets by building a public blockchain- Binance Chain. This should be launched in next 2- 5 months as per the co-founder of the company. This network will be regulated by an automated process which will offer the traders to gain access to the decentralized exchange. The automated process will wipe off any interference of any third party for trading or holding the funds.

Upon the maturity of the Binance Chain for the prime time, the BNB will be seen on that digital ledger. Currently, it is on the Ethereum network. Also as of now, it is paying the transaction fees and the listing fees. There will be a requirement for the validation to hold a specified amount of cryptos on the network, reported the co-founder.

In 2018, the crypto platform made around 400 Million U.S. Dollars. The co-founder informed that the company expects the same amount of profits or slightly higher amount this year. Binance does not share the audited financial results. Further, the managing partner of Austin-based crypto hedge fund Multicoin Capital- Kyle Samani said-

“Binance is very much trying to cannibalize their own business. That is the explicit goal here. And one of the ways they are encouraging people, both makers, and takers, to move over to Binance Chain is by actually offering lower fees on the decentralized exchange than the centralized one.”

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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