Binance Coin (BNB) Price Analysis: Margin Trading Announcement will Push Binance to Above Normal Value

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Binance coin (BNB) is a decentralized and open-source digital currency based on Ethereum blockchain technology. It is traded on the global cryptocurrency exchange but it has the vision to be traded on its own exchange. The name itself suggests that it has the essence of both binary and finance. As of now, there are many organizations and entities who accept Binance coin as a valid payment medium.

Current Statistics-

Binance coin

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  • Binance coin (BNB) is the 7th largest crypto coin with respect to its market cap.
  • The ROI (Return on Investment) of this coin stands at more than 9000%.
  • A total of 141,175,490 BNB are in supply currently.
  • The market cap as on 3rd May at 02:04 UTC stands at 3,328,629,236 USD.
  • The value of each token stands at 23.58 USD and 0.00424999 BTC.
  • The 24h volume at the same UTC is 237,075,330 USD.

Comparison-

Binance coin (BNB) has performed with a stable rate from the very start of this year. For a large part of the year, the coin is traded below 20 USD. There are almost no cases of the abrupt downfall of Binance coin. The market cap of Binance coin on 3rd April was 2,745,055,439 USD. And the value of each coin stood at 19.44 USD and 0.00392178 BTC. The current market cap has increased by 21.25 % in these 30 days. Similarly, the value of each token has increased by 21.29 % from 3rd April. The last 24h trading pattern has also been stable for Binance coin.

Prediction-

As mentioned earlier, the coin is stable for a major part of the duration yet. There have been few instances of ups and downs in the valuation of Binance coin. But the recent growth of Binance coin can be attributed to the announcement of this coin that Binance platform has launched margin trading platform for Bitcoin, Ethereum, XRP, Tron and Binance coin. As the coin is now being traded around 23 USD, we predict the coin to reach as high as 28 USD when it will face resistance. The next two resistances will be there at 30 USD and 32 USD. The long term and medium-term outlook are also bullish. By the end of 2019, we predict the coin to go pass 50 USD easily.

Conclusion-

As the price is on a rally, it is the best time to buy tokens. Keeping the investment intact for the long term may give a yield of almost 2 times of the current 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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