Binance Coin (BNB) is currently approaching the $275 level. The bulls should also push harder and the selling pressure should return to normal within the next 24 hours. Are we seeing a major rebound in the next few hours?
The crypto market has been mostly strong for the past 24 hours. Everything looks green for the crypto space. The king of crypto, Bitcoin rose 6.77%, Ethereum gained 6.2%, while other major altcoins are flourishing.
BNB/USD has seen extreme volatility over the past 24 hours, trading between $255 and $275 or an increase in trading volume of 34.46% or a total of $1.934 billion.
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Binance Coin at #5
Binance Coin, the utility token of popular crypto exchange Binance, currently ranks 5e spot with a total market capitalization trading at around $44.2 billion.
BNB shows a better performance since the middle of last week; which caused it to break the resistance level at $245. BNB rallied again, hitting the $274 resistance level; without any observed inconvenience.
BNB trading volume has increased by as much as 65% since last week, moving in tandem with the rest of the other coin supply which has also gained 0.06% so far, bringing supply overall circulation at 163.28 million, which is about 98.89% of the total supply of 165.12 million.
Meanwhile, Bitcoin is currently trading at around $23,229. Comparatively, Binance Coin seems to have gained more than Bitcoin. At the time of this writing, BNB was 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
The rarity and exclusivity of BNB
Launched in 2017, Binance Coin has that air of exclusivity that makes it extremely valuable. You cannot trade or find BNB on all exchanges, making it an “elusive” coin.
More so, the supply of BNB is limited specifically with the unique piece of money 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 is based on the law of supply in relation to demand.
BNB has reversed the resistance levels and continues its momentum. Despite the SEC issues that BNB has faced or the risk of the coin being delisted, Binance Coin remains the 5e the largest coin in terms of market capitalization.
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Featured image from Forkast News, chart from TradingView.com