Price Analysis

Binance Coin (BNB) Price Analysis: Binance Coin to Reach $34.01 by November 2019

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The digital currency of the Binance platform is Binance coin. It provides an exchange platform for cryptographic forms of money only. The name “Binance” is a combination of back and paired, and hence it signifies that nothing but digital money can be exchanged against each other. It uses the ERC 20 token standard from Ethereum. Binance gives users a major rebate when they pay the charges in BNB as opposed to in BTC.

Present status of Binance coin

BNB is currently getting traded at USD 17.80 (UTC time 03:26). It is currently on a bullish trend by 2.51%. Its current market cap is worth of USD 2,512,972,019 with a circulating supply of 141,175,490 BNB. It is the 7th largest cryptocurrency as of its market cap.

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Price analysis of BNB on the basis of Binance Coin charts

Binance coinThe above chart shows that at present BNB is getting traded at 17.80 USD or 0.00425539 BTC (UTC time 03:30). Its present market cap is worth of 2,512,639,859 USD with a 24h volume of 203,273,239 USD. The same chart shows that approx. One month earlier, BNB had a trading value of 11.46 USD. So, within this duration, the value of BNB has been increased by 55.32% with 13.35 USD as a good support resistance.

Future price predictions of Binance coin

According to the assumption of Coin Predictor, BNB dollar is going to spike up by +87.2% by 11th November 2019 and its value can be somewhere around $33.64 at that time. According to U.Today, Binance coin has no probability of dropping except any market recession. The coin has undoubtedly kept a strong hold over its market share. Even majority crypto analysts have predicted this coin to be in bullish trend only in the upcoming years, and they think that each of these coins can be around $20-$35 if a favorable market condition persists.

Conclusion

Binance coin is a highly promising cryptocurrency, and it has the opportunity to show faster growth than any other competing crypto. Its ratio of Bitcoin is the highest in history until now. It indicates that Bitcoin’s value is less robust than Bitcoin token.

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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