Is Binance Coin The New Goldmine? Analysts Ponder As Binance Coin (BNB) Continues On Price Ascendancy
Binance coin-BNB continues its ascendancy as the markets open for the new week. BNB was trading at 24.42 USD as the American markets entered midday today. To many people, they are at a loss over the impressive run by the Binance gem.
Let us look at some factors driving its rampage:
The Resurgence of Bitcoin
Bitcoin shot through the roof of the $4,000 mark earlier in April and this to many market minders was a positive signal. Without looking for esoteric reasons for the spike in BNB price, this is one certain reference point for the occurrence.
Binance has been the leading cryptocurrency exchange by market volume since 2017, and this was as a result of its business direction.
The exchange started out as a globally-focused enterprise that admitted users from everywhere on earth. The only exception was countries where crypto activities are outlawed.
In the heat of the rising crypto wave in 2017/18, many people scrambled to get into the market, and Binance provided a credible platform to do this. The user interface was well laid-out and easy to navigate.
Now that bitcoin is soaring again, it is expected that many people will dive back in to trade the wonder coin. In effect, Binance is back to business-bagging transaction fees.
The Adoption of Fiat to Crypto
By adopting fiat payments in the buying of cryptocurrencies this year, Binance began to set the stage to trump Coinbase and other competitors. Newcomers to the scene who are not yet adept at crypto to crypto trades will certainly find this alluring.
What’s more? Binance Jersey has began operations with support for EUR and GBP transactions since January 2019. This is in addition to the earlier launch of Binance Uganda where fiat to crypto was first introduced in the local currency in October 2018.
There is no doubt that while the market was largely uncertain, Binance was laying the grounds for its steady gains. Now that the market is up and running, it is evident that BNB would post a lot of gains.
The Launch of Binance Blockchain
In April 2019, Binance blockchain was launched. This was another milestone that could not be ignored. This was followed by the announcement that BNB will become the native currency for the blockchain. All the factors above fit in to this milestone to make a huge difference.
So, BNB no longer has to fork out fees on the Ethereum blockchain anymore. What’s more? The huge savings translates to more money for the biggest crypto exchange in the world. BNB sits as number 7 on the top 10 list of the leading crypto by market cap globally.
These are bright days for BNB, and it just might be time to join the rollercoaster.