Binance [BNB] Coin Nears its All-Time High; What’s Really Going On?

Binance [BNB] Coin Nears its All-Time High; What’s Really Going On?
Coingape - 4/17/2019 3:36:24 AM - GMT (+0 )

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Binance [BNB] has risen by more than 200% since the beginning of the year. Binance has also recovered around 80% value from it’s All-Time High (ATH). The All-time High (ATH) value of BNB is $26.5.

Binance [BNB] coin registered at a high of above $22 on 1st and 2nd April 2019. BNB is currently placed ranked 7th wr.t. total market capitalization with above $2 billion valuations.

BNB/USD 1-D Chart on TradingView

The RSI on the daily scale w.r.t USD is poised between over-bought and the over-sold region at around 50. Furthermore, BNB registered it’s ATH w.r.t Bitcoin [BTC] on 1st April 2019 at 0.0044225 BTC. The RSI on the daily w.r.t. BTC is further lower.

BNB/BTC 1-D Chart on Binance (TradingView) 7th Binance Coin Burn

Binance recently also reduced its total supply by performing a ‘coin burn.’ Binance removed 829,888 BNB coin from circulation forever in its 7th coin burn event. Totally more than 10 million BNB coins have been burned. Hence, as the circulating supply is decreased, it has a positive effect on the price.

The total supply of Binance is 189,175,490 BNB. It has been reduced by more than 5% from its original supply of 200,000,000 BNB. Eventually, only 100,000,000 BNB or 50% of the supply will exist after all coin burn events are conducted.

Binance Launchpad

Binance Exchange which sprang out of no-where in 2017 and eventually became the largest Exchange in the world in terms of trading volume above Coinbase. Moreover, currently, Binance has provided true utility to the Binance [BNB] Coin by introducing the Binance Launchpad. Three projects have been released and one more is underway.

“Binance is a successful case study of fundraising on the blockchain” Binance CFO Wei Zhou, said at the Paris Blockchain Conference Organised by the French Ministry of Economics and Finance.

However, the latest token is to be launched on 24th April for which the Binance Lottery System has is been implemented which might be influencing the price currently. The final snapshot of the BNB balance to assign the lottery tickets respectively ends on 24th April as well. Hence, a drop can be expected in the coming week after the utility of the coin is reduced temporarily.

The price of Binance [BNB] coin at 3: 30 Hours UTC on 17th April 2019 is 19.73. It is trading 3.52% higher on a daily scale.

Do you think that the upside to Binance [BNB] coin will continue and it will register new an ATH? Please share your analysis with us.