Binance Coin (BNB) Price Analysis: Binance Coin Market on a Continual Upsurge Might Surpass Major Cryptocurrencies

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Binance is a digital currency issued by the cryptocurrency exchange. BNB supports multiple utilities on the binance ecosystem, utilized by users to pay the fees levied for using the services. Along with other charges, these fees include- trading fees, exchange fees, and listing fees. Binance coin runs on the Ethereum blockchain with ERC 20 standard and has a strict limit of maximum 200 million BNB tokens. However, the platform repurchases the BNB tokens with 20% profit to destroy 50% or 100 million BNB coins. Consistent burns with increasing burn percentage pinpoint to the exchange’s profitability.

Current Statistics

BNB coins are being traded at 19.17 USD on April 04 at 10:19 UTC for its relative MCap trading at USD 2,706,301,613. Based on these stats, Binance coin is the 7th largest currency in the crypto market. This is also evaluated based on the circulating supply of 141,175,490 BNB coins out of a total supply of 189,175,490 BNB and its corresponding 24h volume of $227,045,368. Coinmarketcap assesses the proximate return on investment (ROI) for this cryptocurrency is currently above 9000%.Binance coin

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Market Trend Analysis

The cryptocurrency opened with its market capitalization crossing USD 770 million at the beginning of January 2019 and the trading price is amounting to 6 USD. The values were stable with no substantial variations until February 03. The lowest price value was on January 14 with the Mcap value trading at USD 721,548,063, and the BNB coin was being purchased at 5.54 USD per token. Nonetheless, the markets gradually started increasing after February 03 and have been on an uptrend consistently. The market surged from USD 1800 million to 2100 million between March 05 and March 07, with a growth percentage of 16.67% in 2 days. The cryptocurrency reached its all-time high on April 03 at 01:34 UTC with its market capitalization reaching USD 2,809,305,952 and a trading price of 19.90 USD. The current values have decreased from its all-time high by a minimal 3.67%. The moving averages are in support of the growing market.

Future of BNB

BNB is considered a profitable investment for a long period in the future. The Wallet Investor has predicted that the market growth will continue well into the future with the price rising to 23.073 USD in 2020 and 38.896 USD by 2024. Coin predictor forecasts BNB’s bright future with its price reaching 39 USD by 2022. Also, technical analysts from digital coin price expect a surge in the selling price of the BNB coin reaching 36.75 USD by the end of 2019.

Conclusions

The current market trend in itself shows a consistent uptrend in the price and capitalization of the currency and looks profitable for the buyers. The digital currency is under the influence of the bull and will continue to do so in the future. The estimations also predict a beneficial outcome from BNB for a long term investment.

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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