Binance Coin (BNB) is currently approaching the $275 level. Bulls are also expected to act stronger and selling pressure should return to normal within the next 24 hours. Are we seeing a significant rebound in the next couple of hours?
The cryptocurrency market has been predominantly strong over the past 24 hours. Everything looks green for the crypto space. The king of crypto, Bitcoin is up 6.77%, Ethereum is up 6.2%, while other big altcoins are thriving.
BNB/USD has shown extreme volatility over the past 24 hours, trading in a range of $255 to $275, or a 34.46% increase in trading volume, or a total of $1.934 billion.
Suggested literature | Dogecoin shows signs of activity – DOGE target is $0.075 within the range
Binance Coin number 5
Binance Coin, the utility token of the popular crypto exchange Binance, is currently ranked 5th.th place with a total market capitalization of approximately $44.2 billion.
BNB has been showing better results since the middle of last week; which caused it to break through the resistance level at $245. BNB continued to rise, hitting the $274 resistance level; no cons noted.
BNB trading volume has increased to 65% since last week, moving in tandem with the rest of the holdings of other coins, which also rose by 0.06%, bringing the total circulating to 163.28 million, which is about 98.89% of the total. deliveries of 165.12 mln.
Meanwhile, Bitcoin is currently trading at around $23,229. By comparison, Binance Coin seems to have won more compared to Bitcoin. At the time of this writing, BNB is trading at $269.21up 22% in the last seven days.
BNB total market cap at $43.7 billion on the daily chart | Source: TradingView.com
Rarity and exclusivity of BNB
Launched in 2017, Binance Coin has a special exclusivity that makes it extremely valuable. You cannot trade or find BNB on all exchanges, making it an “elusive” coin.
Moreover, the supply of BNB is limited to unique coin burning process that Binance Coin has. Binance burns or destroys 50% of the total coin supply, or the equivalent of 100 million coins every quarter, further boosting its value. It uses the law of supply and demand.
BNB reverses resistance levels and continues its momentum. Despite the SEC issues facing BNB or the risk of the coin being delisted, Binance Coin remains fifthth largest coin in terms of market cap.
Suggested literature | Solana adds 70% more shine – can SOL retain light?
Featured image from Forkast News, chart from TradingView.com
Credit : www.newsbtc.com