Binance Coin (BNB), is moving towards $275. Bulls will continue to push hard and selling pressure should return to normal within the next 24hrs. Do we expect a big rebound within the next few hours?
The cryptocurrency market is strong in the last 24hrs. All is well for crypto. Bitcoin, the king crypto currency, was up 6.7% while Ethereum rose 6.2%. Other major altcoins, however, are doing well.
BNB/USD’s extreme volatility was evident in the past 24 hours. Trading ranged from $255 to $250 or an increase in trading volume of 34.46%, or $1.934 trillion.
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The Binance Coin No. 5
Binance Coin, the utility token of the popular crypto exchange Binance is currently ranked at the 5ThWith a market cap of approximately $44.2 billion, this is a great place to be.
BNB is showing a better performance than usual since mid-last week, breaking the resistance at $245. BNB rallied more, touching the $274 resistance; there were no downsides.
BNB’s trading volume has increased to as much as 65% since last week which moves in tandem with the rest of the other coin supplies which has also gained 0.06% so far which wraps up the overall circulating supply to as much as 163.28 million, which is around 98.89% of the total supply of 165.12 million.
Bitcoin trades at $23,229. Binance Coin appears to have seen a greater gain than Bitcoin. BNB trades at $269.21 today, an increase of 22% over the past seven days.
Source: TradingView.com| Source: TradingView.com
The Rareness and Exclusivity Of BNB
The Binance Coin was launched in 2017 and is extremely rare. You can’t trade or find BNB in all exchanges making it an “elusive” coin.
The BNB supply, especially for the exclusivest products is also limited. Coin-burningBinance Coin uses the same process. Binance Coin burns out or destroys 50 percent of total coins, or 100 million coins per quarter. This further boosts its value. This leverages the law of supply and demand.
BNB is continuing its momentum by flipping resistance levels. Binance Coin is still the number 5 despite the SEC problems that BNB has faced or the possibility of it being delisted.ThMarket cap: largest coin
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Featured Image from Forkast News. Chart from TradingView.com