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- The BNB coin has hit a new all-time high (ATH), just after the launch of the token presale for “Bitnance ($BTN)”, the BEP-20 alternative to Bitcoin.
While the founder of Binance begins his federal prison sentence of 4 months, the US Government’s newly approved infrastructure for the Binance crypto ecosystem is reigning supreme.
The BNB coin has hit a new All-time High, just after the launch of the token presale for “Bitnance ($BTN)”, the BEP-20 alternative to Bitcoin.
What is Binance (BNB) Coin’s All-Time High?
The new ATH for $BNB coin is now $720.67 [USD]. This was set yesterday, June 6th of 2024.
Prior to this, the native coin to the world’s biggest crypto exchange, would stagnant at a high of around $650 before falling back down in a correction. Twice before 2024, this has happened.
Why is BNB Coin Price Going Up?
There are numerous theories to why the price of $BNB coin is going up.
The foremost obvious, traders are expecting a spot ETF approval for the Binance Coin as soon this year. After Ethereum’s approval, many expect the coins BNB, SOL, XRP, and LTC will have similar fates.
The sudden explosion in price could also be attributed to Binance’s recent resuming of credit card purchases, at least those by Visa and Mastercard.
This news broke just today, but was in the works for over a week, and could possibly indicate a whale investor getting the news earlier than the public.
Bitnance (BTN) Token Presale
A third reason being hypothesized by investors is Binance-Chain’s new BEP-20 token “Bitnance ($BTN).” The token presale was launched for the blockchain’s new version of Bitcoin ($BTC).
CryptoNews, InsideBitcoin, ICOHolder, and other media publications have begun pointing out to investors that the Binance-Chain has its own store-of-value token on the horizon.
It will rival Bitcoin, offering the same anti-inflation metrics to help traders retain value while fiat currency falls in value.
However, with Binance-chain having little to not trading fees, it will be far cheaper to use than Bitcoins.
This project is extremely attractive to investors in its initial ICO phase as well, because the current price of $0.357 is sure to double.
Store-of-Value token’s price is driven by demand and the Binance Exchange is the biggest in the world.
How Many Traders Use Binance?
It’s reported 170-million crypto traders use Binance.
The top CEX administrates trading volumes that exceed $7.7-trillion dollars per year.
The BEP-20 network supports over 69 fiat currencies as well, making it one of (if not, the) the most viable options for cryptocurrency holders across the world.
Any product publicized to the gigantic audience could swing the price of the $BNB coin by association to its binance-chain but it’s the overall utility and problem-solving capabilities within its ecosystem that are fundamentally a catalyst to such growth.
With purchases via credit card re-approved, the new store-of-value token Bitnance (BTN) beginning to rise in popularity against Bitcoin (BTC), and a spot ETF, it’s possible the Binance Coin (BNB) could soon top $1000.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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