With its use as the primary cryptocurrency powering the fast-rising Binance Smart Chain network, now being tagged as an Ethereum killer thanks to its advantages, the Binance Coin has received a remarkable boost.
Binance Coin (BNB), the cryptocurrency native to the Binance exchange has soared to a new all-time high (ATH) in price following increased buying sentiments that have lasted for days. The coin has also bolstered its rally drawing on the bullish momentum in the broader market. Binance Coin which has traded as low as $250.49 in the past week coursed to an all-ti$356.78me high (ATH) of $356.78 in the early hours of today. At the time of writing, the coin is, however, exchanging hands at $349.88, up 10.08% in the past 24 hours according to CoinMarketCap.
Changpeng Zhao (CZ), the Chief Executive Officer of Binance cryptocurrency exchange, shared his thoughts about the new ATH on Twitter.
Sorry, didn’t see this. It looks like #BNB made an ATH earlier today before the previous tweet. My bad.
Yeah, ATH… 🎉
Not financial advice. pic.twitter.com/9d58ZW2ITp
— CZ 🔶 Binance (@cz_binance) April 2, 2021
With the digital currency’s growth, Binance Coin has solidified its position as the third-largest cryptocurrency as its market capitalization of $53,684,821,304 gaps that of the next ranking Tether (USDT) stablecoin by about $11.97 billion.
Binance Coin Utility Driving its ATH
The growth of the Binance Coin has been meteoric starting in 2020 as the coin was quick to pick up the pace following its dip to about $13 after the March global market crash. The subsequent launch of the Binance Smart Chain (BSC) network which takes backing from the broader Binance ecosystem redefined the utility behind the Binance Coin. The BSC is decentralized finance (DeFi) and smart contract-focused ecosystem that aims to address the throughput and high network fee challenges associated with the Ethereum blockchain.
With its use as the primary cryptocurrency powering the fast-rising Binance Smart Chain network, now being tagged as an Ethereum killer thanks to its advantages, the Binance Coin has received a remarkable boost. The entire hoard of smart contracts or DApps building on the BSC now interacts with the BNB, just as Ether remains the major focus in the Ethereum network.
Another source of growth factor driving the upsurge in the price of the Binance Coin remains the diverse utility being rolled out by the exchange to offer more value to the coin’s holders around the world. One of these efforts is the roll-out of the Binance Card to help owners shop using crypto anywhere in the globe, with additional perks reserved for paying through the trading platform’s native coin.
Future Growth Expectations
When it is taken into serious consideration that the entire cryptocurrency industry is still at its nascent stage, the expectations of an upward leap in price becomes more imminent especially when projections from market analysts and growth forecasts are to be reckoned with.
Binance Coin is relatively younger than its superiors including Bitcoin (BTC), and Ethereum (ETH), and if we project its next possible yearly leaps by its over 2500% year-to-date growth rate, the future price leap of the cryptocurrency might stand well beyond the north of $1,000 in the next few years, or months.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.