Price Analysis

Binance Coin (BNB) Price Analysis : A view on Binance Coin’s Proliferating Market

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Binance coin is a digital currency issued by the cryptocurrency exchange Binance which is based on the ethereum blockchain and is similar to ETHER. Once the digital currency is ported to its own blockchain, which is in development, Binance will be upgraded to a decentralized exchange; this means that ERC-20 based BNB token will also be moved to the new blockchain. The three main benefits with BNB include- Order matching, Liquidity, and Multilingual support. Binance had minted a total of 200 million BNB tokens for its use, and the total supply of coins was distributed among various entities. The split up includes – 100 million for ICO, 80 million for the founding team and 20 million for the Angel investors.

BNB Coin Chart

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Binance Coin is the 7th largest currency in the crypto market, with MCap value trading at $2,091,905,001 with its corresponding 24h volume of $226,360,352 on March 09 at 09:54 UTC. This is based on the supply of coins that have been in circulation which amounts to 141,175,490 BNB out of the total supply of 189,175,490 BNB coins. The Binance coins market has been flourishing and has been on a stable uptrend. The MCap value was as low as $800 million at the beginning of January. The growth percentage has been close to 150% with the current MCap value crossing over 2000 million USD. The lowest so far has been of USD 801,873,238 on January 29 at 02:34 UTC. The market has been bright and uphill ever since. The 14-day moving average proves the uptrend in the market. The MCap values rose from $1,503,862,185 on February 24 to the current value by a massive 86.09%. This growth is advantageous for the cryptocurrency as it puts the market under bullish pressure.

Stats from Coinmarketcap deduce the pricing movements along with the trading values. The current price of USD is $14.82, and that of BTC is 0.00380043 on March 09 at 09:54 UTC. The market looks good for both the prices as they are also on an uptrend along with the MCap values. The prices have been overlapping each other and have reached their peak price together on the closing of March 07 at 23:34 UTC with the values of $15.47 and 0.00395435 respectively which is higher by 4.20% and 3.89% than the current value. The lowest price of USD was on January 29 with a value of $6.21 which is lower than the present day value by a whopping 138.65%. This peak price brought the cryptocurrency to reach its milestone. The price rallied from $11.13 on March 04 to $15.31 on March 08, with an increasing percentage of 37.56% in 4 days. The variations in the Bitcoin’s price have been similar. The price had been as low as 0.00179649 on January 29, and it bounced to its highest on March 07 with the value of 0.00395435, the massive growth of 120%. However, the current value is lesser than its peak price by 3.89 percent.

The 20-day EMA exhibits an uptrend for the cryptocurrency. The values rose from $1,264,956,269 USD to $2,091,905,001 (current value) by 65.37%. The moving averages show that the balance falls in favor of strong buyers. Hence Investors with long term investments would find it suitable to invest in this cryptocurrency. Traders can also earn a profit from their transactions due to the rising market. Investment from traders will increase the value of the cryptocurrency in the future.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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