- Binance Coin showing extremely bullish tendencies
- Since December 2018, BNB has surged by more than 300%
- Upcoming DEX could further play to the altcoin’s advantage
Binance Coin (BNB) has emerged as one of the top gaining crypto assets in recent times. The coin that runs through the veins of cryptocurrency exchange giant Binance currently trades at roughly $15, according to CoinMarketCap crypto table.
BNB’s Recent Price Action
The cryptocurrency market still seems under the bearish territory, especially since November 2018 when Bitcoin tumbled from mid $6,000 range to late $3,000 range. Currently, the premier cryptocurrency trades at $3,922.
With regard to BNB, the story has been pretty similar.
Looking at the 3-month trading chart of BNB, it can be inferred that December 2018 was probably one of the best times to buy a chunk of the altcoin. Exactly three months ago, on December 7, 2018, BNB was trading at just over $4 per coin with a total market cap of roughly $600 million.
(Source: CoinMarketCap)
The altcoin followed a steady movement right until the last few days of January 2019 when it experienced a steep downfall accompanied by a surge in trading volume.
However, since February 2019, BNB has constantly recorded spike in value. The altcoin has recorded higher highs and lower lows which have propelled its price well into the bullish territory.
The token has appreciated more than 300 percent in value since December 2018. Even for the cryptocurrency market, where price volatility is not an uncommon sight, an increase of 300 percent is by no means a small feat.
At the time of writing, BNB trades at $15.39 with a market cap of more than $2 billion and 24-hour trading volume slightly above $234 million.
Binance Coin Developments
Led by charismatic leader CZ, Binance entered 2019 with high expectations from the cryptoverse. One of, if not the largest cryptocurrency exchange in terms of volume, Binance is working incessantly to make 2019 the year that propels decentralized ideologies into the mainstream.
To begin, Binance’s highly-anticipated decentralized exchange (DEX) is scheduled to launch this year. The cryptocurrency exchange behemoth is taking the launch of DEX quite seriously, as on February 20, 2019, reports emerged that Binance has launched its DEX’s testnet.
In a bid to expand its business footprint, the exchange is also planning to open new crypto-to-fiat exchanges in Europe.