On October 20, the bitcoin rate reached another all-time high – $ 66 thousand per coin. The main cryptocurrency was helped by the news about the imminent entry into the bitcoin ETF exchange.
The rising BTC pulled for itself and altcoins, one of which was Binance Coin (BNB), which took third place in terms of capitalization among all cryptocurrencies – right behind NANO to BNB convert. Will the virtual currency of the Binance exchange set new records in the near future?
What is Binance Coin?
First, let’s remember the history of cryptocurrency. Binance coin is a token of one of the Binance crypto exchanges. BNB has become one of the key elements of the ecosystem. One of its most important features is that the coin can be used to reduce fees on the Binance exchange. In addition, BNB is part of the Binance blockchain, which competes with Ethereum. The exchange coin has a high tier along with lower transaction fees.
One of the most ardent supporters of BNB is Changpeng Zhao, CEO of Binance. In a recent tweet, he stated:
Changpeng, of course, does not make a forecast of the Binance coin cryptocurrency – it is too close to be objective. At the same time, nothing prevents him from actively retweeting statements about the advantages of altcoin compared to ETH – the second largest cryptocurrency in the world by capitalization.
What is Binance Coin price history?
For the first time, the Binance Coin cryptocurrency began trading in the summer of 2017, and then its price did not exceed $ 0.1. There was no additional issue of funds from producers: the entire volume of coins (168 million) was mined even before the initial offer. Despite its humble start, Binance Coin has shown itself: even in the “crypto winter” of 2018, the coin was worthy of resilience in times of instability.
In 2019, Binance coin rose to a local high of $ 38.8, but the cryptocurrency failed to gain a foothold at this mark. The next time it was possible to reach the $ 38 BNB mark only at the beginning of 2021. In less than two months, the Binance price jumped by 767% – on February 19, it was $ 324.6. However, it did not work out for a long time above $ 300 for the coin, and almost until the end of March, it was trading below this mark.
On March 30, the Binance coin rate went up rapidly, by May 10, against the background of a record rise in the crypto market, it reached an absolute maximum of $ 683.8. A sharp increase was followed by an equally sharp collapse – by May 23, the value of the cryptocurrency sank by 67% to $ 225.6.
The first two months of summer for the Binance coin passed without strong shocks, but in August the coin was expected to receive a new wave of growth. Local peak – $ 515.74 – BNB reached August 26. The growth since the beginning of the month was 57%.
After bitcoin rallied to $ 66K at the end of October, BNB also grew significantly. So, if on October 1 the altcoin cost $ 387.5, then on October 21 – already $ 503.12. That is, in three weeks, BNB has appreciated by more than 30%.
Nano is a type of electronic money (cryptocurrency) that has no tangible expression but is successfully used to make payments for real goods and services and to keep records. Otherwise, it is a simple means of payment that does not have a simple security system, which should prevent information leakage, its change, integrity, belonging. Like all electronic money of this kind, it does not have one definite point of placement but is dispersed among users.
This e-coin used to be called RaiBlocks. In the course of the transferred transformations, the blockchain program is primarily focused on completing high-speed actions in currency settlements. It was important for the creators to design a project in the process of which all operations were carried out at the highest speed and had the highest degree of safety.
The construction of the operating program is based on the blockchain lattice. Here, each holder of a nano-wallet becomes the owner of a block system, the update of which occurs in the process of performing transactions independently, which in no way depends on other users, and also cannot influence them. Read more info here: https://alligat0r.com/