Binance Coin spiked on February 10th, reaching a new ATH after the crypto reached the price of 147$ from the lowest weekly point when it traded at the value of 68$. The crypto is not the only asset in the market showcasing bullish momentum as other cryptos like Bitcoin (BTC), Dogecoin (DOGE), Chainlink (LINK), and Cardano (ADA) are also reaching new highs and recording major gains. What is the reason for the latest rise of Binance Coin and what would be the next price target for BNB?
Binance Coin (BNB) Spikes to a New All-time High
On February 10th, BNB went through a sudden spike which brought the crypto to new highs in 2021. Thanks to the latest bullish momentum, Binance Coin scored a new all-time high and a record price in the history of BNB, reaching 147$ per one unit. Thanks to the latest bullish momentum, BNB weekly chart is showcasing 140% of returns with more gains on the biweekly, monthly, and yearly chart. The recent rises for BNB came with Binance introducing new development projects for several cryptocurrency products. BNB, being the official crypto to the Binance universe and exchange, gained positive momentum due to the new developments. BNB serves the purpose of covering fee expenses on the Binance trading platform, allowing traders to take advantage of lower trading fees when paying with Binance Coin. As Binance is developing, BNB is becoming a more valuable part of the Binance ecosystem.
Binance Coin (BNB) Price Analysis February 2021
- BNB is trading at the current price of 136$, down from the latest ATH of 147$
- The weekly chart is showing gains of 140$
- The lowest price for the week is 68$
- The highest price for the week is 147$
- The yearly chart is showing 421% of gains
Image credits: Cover photo taken from Crypto Finance on Medium
