It is no secret that Binance, the world’s largest crypto exchange, is working towards the launch its own Blockchain. The name of the Blockchain will be Binance Chain. Due to the tease about the launch of Binance Chain, the price of Binance Coin, the exchange’s own digital asset, rallied. This led to the Binance Coin recording jaw-dropping gains.
Binance Coin Price Prediction: Binance Expected To Proceed With the Launch of its In-House Blockchain (Binance Chain)
Binance made the tease that sent the price of Binance Coin higher several hours ago via a tweet. The crypto exchange revealed that “today is the birth of a fresh genesis block.” Though the tweet didn’t explicitly mention the Blockchain it was referring to, it is safe to say the image published with the nebulous tweet confirms it was referring to Binance Chain’s upcoming launch.
The exact date of the launch wasn’t mentioned, but when you look at the exchange’s presence in European and Asian regions, it is possible that the launch will likely happen by the end of the day. From eight to ten hours away, or less.
Binance’s executives, including Changpeng “CZ” Zhao the CEO of the exchange, has been hinting at the decentralized exchange’s arrival in the last few weeks.
Binance Coin Price Prediction: BNB Surges to $20
When the report of Binance’s decentralized exchange and Blockchain broke, the price of Binance Coin started to go higher. This isn’t strange because analysts expect the launch of Binance Chain and DEX to be a boon for BNB. As of press time, the price of Binance Coin was ranked number seven among the most valuable cryptocurrencies in circulation. It is trading at $20.71 which is its highest price position since April 2019.
BNB currently has a 5.32% gain in the last 24 hours. It should be recalled that while the growth of Bitcoin, EOS, and Litecoin remained stagnated, with the exception of Ethereum and XRP, BNB has posted gains. This move shows and cements BNB’s resilience and promise as one of the top digital assets.
BNB Coin Price Prediction: The Price of Binance Coin Grew By 189% in Q1 After Coin Burn By Binance
Binance recently announced the success of a seventh coin burn operation. The world’s largest exchange removed 829,888 BNB from circulation. 829,888 BNB is valued at $15.6 million. This amount of BNB was about half of what was burned in the last quarter.
Coin burning which typically reduces the total supply of a digital asset by removing them from circulation potentially leads to price increases.
The price of Binance Coin has gained 189% in Q1. Growing from $5.98 to $17.31. According to Binance exchange, the rate of coin burning will cut down as the price of Binance Coin increases. Secondly, the price of Binance Coin actually began to rise before Bitcoin (BTC) even began its April 2 market turnaround. What this means is that fewer BNB was used for trading fees by Binance Coin users, which in turn resulted in lower revenue of BNB. While Binance exchange revenue denominated against the USD during this period.
Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.
