Binance coin has had a successful year so far. Occupying the seventh position in the list of top cryptos by market cap, this coin has impressed a lot of analysts. Recently Binance DEX announced that it would reduce transaction fees. This comes after a steady increase in the coin’s market valuation.
Binance Coin (BNB) Price Today – BNB / USD
#Binance Chain Mainnet Lowering Fee Structurehttps://t.co/xnEfGiO8We pic.twitter.com/n4xnbngyS5
— Binance DEX (@Binance_DEX) June 12, 2019
BNB Price has Experienced Massive Bully Rally Since 2018
The price of Binance Coin has moved up from 760% from the December 2018 low of $4.12 to a high of $35.50 in May 2019. With this massive success, Binance Dex believed it was time to reduce fees.
So far, analysts and enthusiasts have been optimistic about Binance which is one of the largest crypto exchanges by trading volume. This optimism stems from the exchange’s ability to add value to the community despite the downturn of the crypto market in 2018.
In January, Binance revealed an exclusive token platform called Binance LaunchPad. This platform is meant to help entrepreneurs to raise funds for fresh crypto projects.
After this announcement, the platform conducted an Initial Exchange Offering of 59.8 billion BitTorrent tokens which were worth $7.2 million. In a few minutes, the offering sold out and this validated the success of the platform.
Binance also Launched its own Mainnet
In April, Binance launched its own mainnet called Binance Chain. After this event, the exchange swapped Binance coin from the Ethereum blockchain and introduced a decentralized exchange called Binance DEX.
The crypto security breach that occurred on May 7 which involved 7000 BTC did not also stop Binance in its track. The exchange remained transparent and this made the users to trust it more. This is another catalyst for the price of Binance Coin. The exchange covered the lost crypto funds after hackers obtained several API keys, User info and 2FA codes.
Chain Validators Approved Lowers Fee Structure
As the market valuation of BNB increases steadily, the chain validators have approved to reduce the fees by up to 50%. This new update will cover different transactions on Binance DEX. Some of them include cancel, IOC, order expire, multi-send, burn asset, issue asset, unfreeze and freeze asset, proposal, mint asset, add deposit, as well as list fees.
The crypto community as a whole reacted positively to this news from Binance. After the announcement via the official twitter handle of the exchange, the price of BNB spiked by more than 6%. It moved from $31.80 to $33.90 at the time. Binance Coin has outperformed many of the top cryptos in the market, including the largest by market cap, Bitcoin. So far, it has reached its all-time high of $36 on Thursday 13, 2019.
This development didn’t come as a surprise to analysts. One technical analyst, Bob Loukas tweeted that BNB price always moves higher each time it consolidates.
#Binance – An uptrend of beauty. Hard to bet against that.
Each time it consolidated, the bands tightened and the next move higher began.
Well done @cz_binance pic.twitter.com/x3zwiK1U2e
— Bob Loukas (@BobLoukas) June 12, 2019
What is the price of BNB today?
At press time, BNB is trading at $35.39 USD after it touched its all-time high of $36. It made a corrective decline to $35.39 and has seen a 5.60% increase in the last 24 hours. It is currently ranked number seven according to Coin Market Cap. The coin also has a market cap of $4,995,888,279 USD and a 24-hour volume of $555,050,384 USD. In the short and long term, BNB price is bullish.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.