Coinmarketcap charts show that Binance Coin (BNB) is valued at over $4 billion from Sunday (May 19, 2019). BNB is a native Token of the Binance Crypto exchange platform and is being accepted as a payment by an increasing number of merchants.
After the 2017 Crypto market rally, a price plunge ensued and most Digital Assets traded at 80-90% lower prices compared to their peak levels in the pre-bear 2017. This has however changed in 2019-particularly in the last 6 weeks- where the market is dominated by bullish sentiments similar to 2017.
Binance Coin Is Also Bullish
As at Sunday (May 19, 2019), BNB gained 10.24% to trade at over $29. 13. However, this is a drop from the intraday high of over $29.6 of 12:24 UTC. Nevertheless, the intraday retraction was a market correction that follows most price gains as the price seeks to establish at a short-term strong level of support.
The BNB rally, therefore, takes the Binance Token closer to $30 as investors anticipate a higher return on investments (ROI).
Binance Coin Market Capitalization Peaks At $4 Billion
BNB is one of the few Digital Assets in the market whose price and market capitalization charts are not directly correlated. The chart shows that on Sunday (May 19), the volume progressed smoothly to cross the $4 billion mark as the price fluctuated around $28. This scenario departs from the norm where Coin prices move along in a linear relationship with the volume.
BNB now has a market cap of $4,112,297,907 USD and a 24-hour volume of $575,140,578 that is being driven by a BNB supply of 141,175,490 out of the total 189,175,490.
Why Is BNB Bullish
In addition, to the overall market bullish conditions, BNB is also bullish because of the announcement that reveals the launch of the initial-exchange offering (IEO) that is set for May 28 on Binance Launchpad.
In the IEO, Binance is releasing 12.6 billion BNB that are capped at $5 million. The Token sale is projected to be successful as Binance is a reputable and trusted exchange platform.
For retail investors to take part in the IEO, they must be hodlers of BNB so that they can be eligible to get over 5 lottery tickets. Currently, Binance has 16,666 Tickets where holders will be assigned according to the amount of BNB in their accounts.
Binance Is An Innovative Platform
Binance is an innovative Crypto exchange platform whose CEO is Changpeng Zhao. Binance has launched several projects such as DEX, mainnet, and even Singapore Binance. It has 10 million users who are driving BNB growth in the Crypto space.
The Market Is Maturing
The most obvious sign of a mature Crypto market is the ability to withstand events that previously had a negative net effect on price stability. The Cryptocurrency market has been hit by scandalous news that led many experts to believe that a widespread bearish cycle could be triggered. For example, the Binance heist and other negative events led to market shocks that lasted a few hours before the bullish cycle resumed.
The evident market stability means that the market is mature and that Cryptos such as BNB, BTC, XRP, XLM, and more are emerging as a disruptive currency and asset class for the future.