Price of BNB has gone beyond $250 today. It is now the third-largest coin in terms of market capitalization on CoinMarketCap.
A major bull rally of Binance coin began in February. The coin has set multiple price records in the past 24-hours. At the time of this writing, Binance’s price is inching close to $300. The year-to-date gains of the coin are above 450%.
Binance Coin is a utility token offered by world’s largest crypto exchange, Binance. The coin was launched in 2017. It can be used for paying transaction fee on Binance Exchange. Moreover, the exchange offers a special discount on fee to holders of BNB.
The price surge comes after a 24-hour trading volume of 9.4 Billion USD. This is a great deal higher than the trading volume during the previous BNB bull run.
Source: Trading View
We cannot yet speculate on the reason for such a great surge in coin’s value. However, the increased activity on Binance Smart Chain (BSC) could be one of the factors. Nearly $8 billion value is locked on BSC. This is one-fifth of the value locked on Ethereum’s DeFI.
To The Moon?
The next psychological barrier for BNB price is 300 USD. The behaviour of currency shows that it will soon break out from that. Technicals on the trading view page are showing a ‘Strong Buy ‘ signal for BNB.
The price movement will now depend on the behaviour of investors. The strong activity will lead to further surge. On the other hand, fear at any point will cause a plunge.
Bitcoin is also having a time of its life. The price of parent cryptocurrency has gone beyond $50K in the last two day. Many digital coins like BNB are following the suit of BTC and ‘going to the moon’. Today was a day for BNB. Let’s see what we get next.