Each time the event has occurred, the price of Binance Coin has increased. half of the originally issued amount of BNB will ultimately remain. Quarterly BNB burns – every three months Binance burns a small percentage of BNB. Here are several factors that helped BNB to get that high and that will determine its future price: Currently, Binance Coin is paired with more than 400 other currencies, making it one of the most liquid options for trading. Just within a few years, BNB has managed to take a leading position in the crypto market. What will determine the future price of BNB Later in December, BNB dropped back to $15. The listing of Dogecoin also attracted more users to the platform, boosting the currency to $20. This brought more attention to the platform and currency and, as a result, the coin reached $18. Binance then added XRP-BF2, the XRP variant, to its decentralized exchange, pegging it one-to-one with XRP on the main exchange. In March Binance released the final version of DEX and even the hack of the exchange that happened in May didn’t spoil the situation.Īfter June’s heights the coin started going down and by October had entered familiar territory at around $15. Till June the coin was gradually going up and reached $39 price and over $5 bln. In November Binance Coin experienced one more price drop and went down to $4, but soon Binance released the second demo of DEX and BNB started climbing up to its ATH price. For the next 4 months the digital currency was traded between $11-14 and then in August dropped to $9 per coin. Besides, the April BNB burn also helped cryptocurrency to grow in price and achieve $14 per coin. In April 2018, Binance announced the rollout of Binance DEX on their blockchain and later in March launched its demo version which provided another boost to the BNB price. In January, the platform experienced a big influx of new users, at one time even registering 240000 new accounts in just one hour. Besides, many traders got interested in the platform thanks to the coin’s discounts on exchange fees. The big customer base of crypto traders who use the Binance platform on a daily basis helped the currency to survive crypto winter. However, when the market turned bearish and coins suffered huge losses, BNB managed to stay afloat and only dropped to $10. December 2017 was boom time for crypto which was felt by the whole cryptocurrency market and in December-January the coin jumped from $2 to $20. Binance coin price historyīNB started at $0.1 in the Summer of 2017 and by Autumn had increased to over $1. The maximum reserve of BNB coins will be systematically reduced to 50% of the initial reserve of the cryptocurrency, namely to 100 million tokens. On a quarterly basis, the board of directors of the BNB exchange buys BNB tokens from the digital market with 20% of the profit they’ve made from transaction fees, and then burns them (using the Proof of Burn protocol).
For the fifth year, the discount will no longer be valid.Īn extremely interesting and unique characteristic of BNB is the regular burn of the currency, which come in the form of irreversible decreases in the maximum number of available units, which initially amounted to 200 million BNB.Each year the discount available is reduced by half: Yes, you can use BNB to reduce commissions on the Binance exchange until 2022. Perhaps the second point got your attention. Is used to pay for goods on sites that accept Binance Coin.Currently, the Binance Coin has three functions: But in 2019, the coin moved to its own blockchain.
However, in essence, it is similar to most other altcoins, in that it is subject to volatility and may be exchanged for other assets.īinance Coin was created as an ERC20 token and initially operated on the Ethereum blockchain. What is Binance Coinīinance Coin is the internal cryptocurrency of the Binance exchange. Will BNB manage to keep its pace and grow even higher? Read about it in our Binance Coin price prediction for 2020 – 2025. Within two years, BNB has managed to accumulate an impressive market capitalization and climb into the top 10 cryptocurrencies measured by that metric. Binance Coin appeared in the middle of 2017 and almost immediately got the attention of the cryptocurrency community.
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