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Price Analysis

Binance Coin (BNB) Price Analysis: Binance Exchange Theft Has Installed Panic In The Price Trend

  • Bitcoin theft from Binance Exchange created a negative vibe in the market.
  • The Target should be at $24 after a short stint of fall.

Binance coin (BNB) is operated on Ethereum blockchain technology. It is one of the most popular decentralized and anonymous crypto coins. The term ‘Binance’ is created by the mix of two words, Binary and Finance. Binance coin offers many unique features including Order matching, Liquidity, and Multilingual support. The recent hack into Binance exchange and stealing of Bitcoins worth over 42.8 million USD has created a negative outlook on the cryptocurrencies and Binance coin specifically.

Current Statistics-

Binance coin

  • Binance coin (BNB) is ranked at 8th position in the global crypto world.
  • The ROI (Return on Investment) stands at more than 9000%.
  • A total of 141,175,490 BNB coins are in current circulation.
  • The current market cap as on 10th May at 02:14 UTC stands at 2,702,966,788 USD.
  • The value of each coin stands at 19.15 USD and 0.00309223 BTC.
  • The 24h volume stands at 215,714,754 USD at the same UTC.

Comparison-

Binance coin (BNB) coin started the year with a humble 5 USD price. It was stabilized on a large part of the year. The up-trending movement, however, started after the 1st week of March. There have been no instances of falling in the price level. The highest point was achieved at 24.92 USD on 20th April. Currently, Binance coin is going through little pressure. The market cap on 10th April was 2,581,309,754 USD and the value of each coin traded around 18.28 USD. The current market cap is 4.71% more than the market cap of 10th April.

Prediction-

As reported earlier, the Bitcoin (BTC) theft in the Binance exchange has created a negative impression of the cryptocurrencies in the global market. A total of 7074 Bitcoins were lost in the hacking which was worth over 42.8 million USD. After the news broke in about the theft a renowned American economist and Noble Prize winner Joseph Stiglitz said that the whole cryptocurrency ecosystem should be shut down saving millions of hard earned money. We predict Binance coin to fall further to 15 USD. From there it should start an upward movement. The resistance level should be at 24 USD. By the end of 2019, the value should be rested at 80 USD.

Conclusion-

The current growth path is the most uncalled time for speculators. Buying fresh allot of coins should be done once BNB reached around 15 USD mark. Long term holding will be profitable.

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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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