Insane 550% Gains Makes Binance Coin (BNB) 2019’s Most-Profitable Cryptocurrency

By CCN: Binance is one of the world’s largest cryptocurrency exchanges and also the scene of a $40 million bitcoin theft. But that has not deterred the firm’s native token, Binance Coin (BNB), from becoming the 2019’s best performing digital asset.

The BNB-to-dollar exchange rate established its year-to-date (YTD) high at $38.646 as on May 26, 2019. That took its profits this year to about 550-percent, including an approx 116-percent rise in May alone. In comparison, Bitcoin, the leading cryptocurrency, recorded a dwarfed 145-percent YTD gain. In truth, every digital asset in the top-10 failed to come closer to Binance Coin, barring Litecoin (LTC), which rose by as much as 310-percent this year.

Coinbase 2

binance coin, bnb

BINANCE COIN (BNB) POSTS THE MAXIMUM YTD GAINS AMONG TOP TEN COINS | SOURCE: COINMARKETCAP.COM

Scarcity is the Key

One of the main reasons why Binance Coin has been able to brush aside its competition by a large margin is scarcity. Binance every quarter destroys 20-percent of the BNB it accumulates in fees. The exchange aims to continue removing Binance Coins out of circulation until there are only 100 million left. The phenomenon gradually adjusts BNB’s demand against a limited and steadily depleting supply, causing the digital asset’s price to surge.

BNB, in the end, is a discount token for those who access the services offered by Binance exchange. Users purchase the digital asset to pay for everything from transaction to listing fees. And those who use BNB gets an attractive discount, making the coin attractive especially for market makers and active traders.

The pure demand-supply mathematics has been working well so far for BNB in 2019. But that was not entirely the same case in 2018. The digital asset shed more than 85 percent in value ahead of the year’ close despite its number of users increasing. Nevertheless, the drop took place amidst a market-wide bearish sentiment, wherein every top asset suffered huge losses despite their long-term potentials.

2019 has turned out to be a polar opposite year in comparison. And with Binance now ready with new range services, such as Binance Launchpad to list token projects, and a decentralized exchange to handle customers back the custodianships of their digital assets, the long-term prospects of BNB, in general, have turned bullish.

What do the Technicals Say about Binance Coin

Binance Coin appears to be one of the few digital assets which have more investors than traders. A look at its chart reveals that people have been accumulating BNB tokens all this year. The asset’s first major downside correction of 31-percent this year came in May — owing to the $40 million bitcoin hacking incident — but even the depressive move turned into a buy-BNB-cheap scenario. The BNB-to-dollar exchange rate has surged by more than 50-percent ever since.

binance coin, bnb

THE OPPORTUNITIES IN BINANCE COIN (BNB) MARKET | SOURCE: TRADINGVIEW.COM, BINANCE

Having been established it’s all-time high at $38.646, Binance Coin is now looking at a ceiling-less territory to the upside. The asset has no earlier history in this zone, which means its price can go anywhere based on pure fundamentals.

At the same time, to the downside, BNB is eyeing $26.47 as its interim bear target. The market-wide sentiment is bearish intraday, which could soon reflect in the immediate price action of BNB. Therefore, a drop towards $26.47, followed by a sharp pullback is the best bullish bet one can make.

Conversely, a break below $26.47 would push the same bull scenario towards $17.79, the next potential pullback level.

Insane 550% Gains Makes Binance Coin (BNB) 2019’s Most-Profitable Cryptocurrency 1
About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 47,937.00
ethereum
Ethereum (ETH) $ 3,612.46
cardano
Cardano (ADA) $ 2.46
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 425.74
xrp
XRP (XRP) $ 1.10
solana
Solana (SOL) $ 156.41
polkadot
Polkadot (DOT) $ 34.96
dogecoin
Dogecoin (DOGE) $ 0.2414
usd-coin
USD Coin (USDC) $ 1.00
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 47,937.00
ethereumEthereum (ETH)
$ 3,612.46
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 635.99
litecoinLitecoin (LTC)
$ 189.64
bitcoinBitcoin (BTC)
40.542,96
ethereumEthereum (ETH)
3.055,26
tetherTether (USDT)
0,845755
bitcoin-cashBitcoin Cash (BCH)
537,89
litecoinLitecoin (LTC)
160,39
bitcoinBitcoin (BTC)
34,551.79
ethereumEthereum (ETH)
2,603.77
tetherTether (USDT)
0.720775
bitcoin-cashBitcoin Cash (BCH)
458.41
litecoinLitecoin (LTC)
136.69

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021
What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021

Blockchain/Cryptocurrency Questions and Answers

Beginner’s Guide to Investing in Cryptocurrency
August 9, 2021
Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021
Solana
What Is Solana (SOL) And How Does It Work?
June 26, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin48,094 0.84 % 0.50 % 4.36 %
Ethereum3,618.8 0.89 % 3.28 % 3.49 %
Cardano2.450 0.79 % 4.68 % 0.98 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Binance Coin426.81 0.71 % 2.04 % 3.09 %
XRP1.100 0.53 % 0.81 % 0.16 %
Solana155.55 0.41 % 3.94 % 17.85 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Dogecoin0.2416 0.59 % 1.76 % 5.82 %
USD Coin1.000 0.04 % 0.11 % 0.13 %

bitcoin
Bitcoin (BTC) $ 47,937.00
ethereum
Ethereum (ETH) $ 3,612.46
cardano
Cardano (ADA) $ 2.46
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 425.74
xrp
XRP (XRP) $ 1.10
solana
Solana (SOL) $ 156.41
polkadot
Polkadot (DOT) $ 34.96
dogecoin
Dogecoin (DOGE) $ 0.2414
usd-coin
USD Coin (USDC) $ 1.00