Binance Coin (BNB) Skyrockets, Reaches New All-time High
– Binance coin (BNB) reached a new all-time high of $195 on Thursday morning
-The price of the cryptocurrency skyrocketed due to massive exchange inflow
-When should you invest in the cryptocurrency?
The price of Binance coin (BNB) skyrocketed due to great exchange inflow. The coin reached a new all-time high of $195 on Thursday morning.
The virtual coin which started the week at $118 has experienced a massive rise in the last 24 hours.
BNB is the seventh-largest cryptocurrency by market cap, with a value of over $29 billion.
BNB is the native crypto of the world’s largest exchange, Binance. The main use of the coin is to reduce trading fees on the platform. Therefore, its price increases when there are more traders on the platform.
Massive inflow has taken BNB above $190 as traders look to see if it can go further.
At the time of this article, the Binance coin is priced at $189.
Should You Buy Some BNB?
The major problem that BNB could face is if Binance loses its market position to other exchanges. However, frequent coin burns help maintain a good value of the digital currency.
Other cryptocurrencies that experienced gains in the past 24 hours include Bitcoin, moving from $50,626 to $52,560, and ETH from $1,802 to $1,915.