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Binance Coin [BNB] speculated to go on massive rally as parent exchange is set to resume trading




Binance Coin [BNB] rumoured for a massive rally as parent exchange set to let loose trading
Source: Pixabay

With Bitcoin [BTC] and top altcoins making news headlines, a surprise coin could be on the verge of an imminent breakthrough. Binance Coin [BNB], the native token of the largest exchange in the world, is pegged to reach greater heights in the coming days.

The only cryptocurrency in the market to surge above its all-time-high, Binance Coin can be blessed by Bitcoin hodlers following the exchange’s resumption of withdrawals and deposits. Binance is currently in the middle of a “system upgrade,” which according to Changpeng Zhao, is “on track so far.”

Last week, the exchange suffered a hack of over $40 million, sending the native token into a downward spiral. Following the hack, the exchange suspended withdrawal and deposit functions which were set to resume on May 14. However, trading was suspended due to the system maintenance concerns.

Several cryptocurrency analysts are pegging Binance Coin to see a bullish swing when the security update does manifest. The exchange stated that “a large number of advanced security features,” will be “added and/or completely re-architected,” all of which will solidify the standing of the native token.

The Crypto Dog, a prominent cryptocurrency influencer on Twitter, stated that BNB is on the brink of reaching “new all time highs,” following this update. He tweeted,

“I think $BNB is going to enter price discovery (new all time highs) in the next 24 hours.”

Source: Twitter

Given that it is over a week since the exchange halted activity, and the fact that Bitcoin has only surged since then, many anxious hodlers, according to many, will thank the exchange by purchasing Binance Coin.

One of the reasons for this expected BNB price rise is based on the blessing of Bitcoin hodlers. With the king coin locked in the exchange for a week, some analysts expect investors to purchase Binance Coins with their gains over other altcoins.

The above would be in addition to the enhanced security of Binance, adding to the price push that would inevitably be given to its native token.

Crypto Mikey, a long-term cryptocurrency investor, stated,

“Everyone’s $BTC is now worth $2500ish more than the day of the hack. What will they buy first when they send funds over…….oh! $BNB to buy floored alts that have been off limits for a week.”

Additionally, Binance’s token sale platform, Binance Launchpad, will see the Harmony Protocol token sale go live, with metrics for the same being announced on May 15, based on the lottery system. Given that this system requires participants to hold BNB, the price of the token would rise, as historical price movements indicate.

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Binance Coin [BNB] registers ATH as it surges by over 16,000% since inception

Namrata Shukla



Binance coin [BNB] registers ATH as it surges by over 16,000% since inception
Source: Pixabay

The cryptocurrency market continued to register massive growth, as the prices of most major cryptocurrencies soared. However, the late entrant to the list, Binance Coin [BNB] is posing to be tough competition for other coins in terms of performance. BNB which entered the crypto market in July 2017, breached its all-time high and was trading at $28.79, at press time.

Source: Trading view

Source: Trading view

Binance Coin started out in July 2017 with a value of $0.1927 and marked its all-time high on May 18 at $31.91, according to the Trading View chart of the coin on Binance. BNB noted the growth of a massive 16,458.31% since 2017. However, until the beginning of 2019, BNB was valued at $6.59, after which the coin noted a surge by 384.15% and peaked at $31.

Source: CoinMarketCap

Source: CoinMarketCap

In the month of May, BNB noted a 28.16% growth, and the coin was valued at $28.66, with a market cap of $4.04 billion. The 24-hour trade volume of the coin was reported to be $551 million as it spiked by over 10% in a day. In the past seven days, the coin grew by 35.97%, but slipped by a minimal 0.25% in an hour.

BNB was highly traded on its native exchange, Binance via the BNB/BTC and BNB/USDT pairs. The BNB/BTC trading volume noted on Binance was $140 million, while the volume reported on the BNB/USDT pair was $132 million. The third place was taken by BKEX via the BNB/USDT pair as it registered a trading volume of $72 million.

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