Binance Coin is recording market dominance of 2.5% among all cryptocurrencies by its market capitalization with the latest price correction. BNB is scoring 12% of gains for the day, showing a rather bullish behavior as the market is slowly entering what seems to be a recovery episode. Binance Coin also made it over the value of 300$ and is now trading very close to its all-time high price. What is pushing the price of Binance Coin and how far can BNB go with the current momentum?
Why is Binance Coin (BNB) Bullish? What is Pushing the Price of BNB?
Since Binance Coin is the native token to one of the most popular and most commonly used cryptocurrency exchanges, its success in the market that also dictates the value greatly depends on how the Binance exchange is operating. That is how it is no wonder that BNB turned exceptionally bullish once Binance announced Binance Smart Chain (BSC) as the newest addition to the list of Binance products and services. As the exchange is developing and growing its ecosystem, Binance Coin is growing as well, currently getting closer to its all-time high. BNB is now trading -10% down compared to its highest price with over 2400% of gains for the year. Binance Coin Recorded the latest ATH of 339$ back in February and it seems that the crypto will attempt to retest this price very soon with the present bullish pace. More trading volumes for Binance Coin means that there will be higher burning rates and lower BNB supplies, which should affect its value on a positive note.
Binance Coin Weekly Metrics in the Last Week of March 2021
- Binance Coin weekly chart is recording 19% of gains
- The lowest weekly price was 234$
- The highest price for the week is set at 309$, a bit under the current price of 308$
- The yearly chart is recording 2411% of returns for BNB
Image credits: Cover photo taken from Data Driven Investor