Binance Coin Trading Volume Up 35% As BNB Spikes To $274
July 20 2022 - 8:25AM
NEWSBTC
Binance Coin (BNB) is currently inching towards the $275 level. The
bulls are expected to likewise push harder and selling pressure
should go back to normal in the next 24 hours. Are we seeing a
major rebound in the next couple of hours? The crypto market has
been predominantly strong over the last 24 hours. Everything is
looking green for the crypto space. The king of crypto, Bitcoin was
up by 6.77%, Ethereum gained 6.2%, while other major altcoins are
flourishing. BNB/USD has extreme volatility seen in the last 24
hours, trading in the range of $255 to $275 or a trading volume
increase of 34.46% or a total of $1.934 billion. Suggested Reading
| Dogecoin Shows Signs Of Vigor – DOGE Target Of $0.075 Within
Range Binance Coin At No. 5 Binance Coin, the utility token of
popular crypto exchange Binance, currently ranks at the 5th place
with a total market cap trading at roughly $44.2
billion. BNB has been displaying a stronger performance
since the middle of last week; which made it break the resistance
level at $245. BNB rallied further, reaching the $274 resistance
level; with no downsides seen. BNB’s trading volume has increased
to as much as 65% since last week which moves in tandem with the
rest of the other coin supplies which has also gained 0.06% so far
which wraps up the overall circulating supply to as much as 163.28
million, which is around 98.89% of the total supply of 165.12
million. Meanwhile, Bitcoin is currently trading at roughly
$23,229. Comparatively, Binance Coin seems to have gained more
compared to Bitcoin. As of this writing, BNB was trading at
$269.21, up 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, the Binance Coin
has that air of exclusivity making it extremely valuable. You can’t
trade or find BNB in all exchanges making it an “elusive” coin.
More so, the BNB supply is limited specifically with the unique
coin burning process that Binance Coin has. Binance burns or
destroys 50% of the total coin supply or equivalent to 100 million
coins every quarter which further bolsters it value. It leverages
on the law of supply versus demand. BNB has been flipping
resistance levels and continuing to its momentum. Despite the SEC
issues that BNB has been facing or the risk of the coin being
delisted, Binance Coin remains to be the 5th largest coin in terms
of market cap. Suggested Reading | Solana Adds 70% More Shine
– Can SOL Keep The Light Coming? Featured image from Forkast News,
chart from TradingView.com
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