Binance coin commonly known as BNB has been forecasted as the third largest coin according to market capitalization for the first time in the cryptocurrency arena. Its market value stands at more than 38 billion dollars leaving behind the all-time leading cryptocurrency, the Tether.
Reasons contributing to achieving this glory by Binance coins:
- There was a boost in daily trading in volumes, thus in a few days, the market value of the Binance coin grow double.
- It happened because of the roaring prosperity of the Binance smart chain based decentralized exchange that is the PancakeSwap.
- The hard efforts pulled by the whole stream of Binance led the cryptocurrency to be a sturdy competitor of Bitcoin.
More in lines about Binance coin-
It is the cryptocurrency launched by the world’s largest crypto generating team, Binance. It came forward in the spectrum of global finance in the year 2017. Slowly it moved forward and won the mainstream of cryptocurrency in a short period. It was ranked to be a billion-dollar company in less than one year of launching Binance coin.
Now, popularly known as BNB coin, it is standing just behind all-time favorite cryptocurrencies such as Bitcoin and Ethereum. For investment purposes, BNB seems to be the best option for any person likely to strike gold in a few months.
BNB is a native token that operates only on the Binance Exchange. Hence it is flexible for many useful purposes within the cryptocurrency exchange. You can use it for:
- Transactions based on fuelling within the chain.
- Pay for transaction fees.
- Can pay travel expenses.
- Payment of credit card bills.
- Able to buy IEO tokens.
- BNB staking in wallet.
BNB coin has always been on the rise after its launch even though it was placed behind the five top cryptocurrencies highly favored in the global market. Gradually in the year 2019, BNB stamped a strong foot never to look behind or fall. Its market value increased from $6 billion to $ 38 billion, a sure high to state the world that they are stepping towards their glorious goals.
At the start of the year 2020, the market value of each BNB coin rose to $15 and within a month it boosted up to $25. The reasons may be because of it being a native token. However its popularity reached new heights as Bitcoin traders preferred to use it for cryptocurrency exchange in the trading market worldwide.
Mostly BNB native token is used for trading and in returns traders get discounts that help to enrich their profits. The other usage of the BNB coin is for ICOS. Investors owning BNB coins can participate in the lottery system to directly invest in assessing ICOs in Binance.
Binance has launched many platforms to simplify trading exchange globally. In simple words, BNB is highly proving to the world that it is profitable to invest in Binance as they are there to rule the cryptocurrency arena for many decades.