After a disastrous close to 2018, with a bearish onslaught resulting in a freefall of the overall market cap from a January high of over $800 billion to a December low of just above $100 billion, the first few months of this year have been a welcome change. As the market rallied above $180 billion for the first time in months, several coins were enjoying above-average price surges, with one notable standout, Binance Coin.
Binance Coin [BNB], the native token of the largest cryptocurrency exchange in the world has been the firm stand-out rising from the 14th spot in the first week of the year to just two spots outside the top-5 at press time. Given its remarkable 315 percent rise over the past few months, BNB has cemented its position in the market, largely due to the success of its parent exchange.
A slew of announcements emerging from Binance greatly added to the coin being the first mid-large cap cryptocurrency to break its all-time high [ATH] of $24.46 recorded on 12 January 2018. BNB broke this ceiling at 0400 UTC on April 20.
Unsurprisingly, the Binance Chain mainnet announcement, made earlier this week buoyed the price of the native token, which is currently surging in excess of 16 percent against the dollar. The public blockchain will be made available to customers on April 23, however, the anticipatory bulls have already arrived at the BNB market.
The inclusion of an ICO supported system on the Chain will also severe several entrepreneurs who are unable to list their tokens on cryptocurrency exchanges.
Binance DEX was the culmination of a slew of announcements from the exchange that added to it’s token’s rise. A giveaway of $100,000 revealed in early-March to boost DEX participation added to the coin’s bullish rally. The use-case of a real-estate purchase using either BNB or BTC saw several users back the coin as a Bitcoin equivalent, with Tron’s Justin Sun referring to BNB as the “new Bitcoin.”
The exchange has also been occupied with their token launches via the Binance Launchpad. The system was modified to allow a lottery based approach where the lottery tickets allotted would be dependent on the amount of BNB held, adding to the coin’s sale. Two Launchpad events have seen BNB’s price rise because of the lottery approach.
All this and more has contributed to Binance Coin’s rally from $6.19 at the beginning of the year to its current price of $25.21. The core of that rise came at the close of February when the coin had more than doubled its January price. In the past seven days alone, the coin’s price has skyrocketed by over 37 percent.
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