[Updated March 31, 2019] Recently the market cap for Binance Coin (BNB) managed to surpass Ethereum Classic, NEO and a host of other crypto coins to become the 8th largest cryptocurrency by market cap. It’s something that had the Binance team excited, and they took to Twitter to thank their community and angels for the support. The jump was inspired by several positive developments around Binance and the coin, sending BNB prices upward and stabilizing.
Currently trading at $17.15, BNB price looks to be on the rise again. Below we will take a look at three recent developments that promise to push the price of BNB even higher.
BNB Is Fast Becoming The Next ICO Token
The Launchpad allows projects to issue their tokens on the Binance Chain which offers a simple and less error prone platform compared to writing smart contract code. It also provides the projects a chance to get their tokens listed on the Binance DEX by being voted by the community.
The leading crypto exchange announced the Launchpad earlier this year and promised to feature at least one token sale per month. So far there have been two which have been a huge success, and this has seen the price of BNB gain over 150% within a month with the coin currently trading at $15.
BNB was trading at $6 before the BitTorrent (BTT) token sale began and broke the $10 mark just a few days before the next sale of Fetch.AI (FET). As a result of the increasing demand, BNB has been able to solidify its position in the top ten.
The gains are expected to keep coming the BNB way as more projects will hold their token sales on the platform throughout the year. Up next is the sale of the Celer Network token which will take place on March, 19.
You Can Now Purchase Real Estate Using BNB
On October 10, 2018 Propy, a real estate firm that accepts payments in cryptocurrencies announced that it would take BNB for property purchases. The announcement was made via Twitter, and it had Changpeng Zhao the CEO of Binance excited:
“Propy will accept BNB for home buying! @Binance Chain is coming and $BNB, which is a great store of value today, will turn into programmable money. For the rapidly growing BNB community, we make it possible to invest in real estate with easy paperwork at Propy.”
Propy is a global real estate marketplace that has a decentralized title registry. By adding BNB as a payment option, the team behind the company aims to resolve issues that hamper international real estate transactions.
Propy uses smart contracts to connect buyers, sellers, brokers, and escrow/title agents/notaries.
This move is significant for Binance Coin because as more people opt to pay for their property using BNB expect its price to rise higher.
Pay For Your Flight Using BNB
Recently Binance teamed up with TravelBit an Australian company to create a point of sale (POS) in airports both locally and internationally. The partnership saw Binance invest $2.5 million in the startup. So far, the company has managed to launch a payment system in Brisbane airport.
Currently, the new POS terminals accept only the top crypto coins – Bitcoin, Ethereum and Litecoin. And very soon BNB will be added on that list. What could this mean for BNB price? We’ll have to see, but it could be huge, as the travel industry touches billions.
On the partnership, Changpeng Zhao said:
“Real usage is the most important factor on the way to cryptocurrencies’ adoption. It’s difficult to imagine a better example of cryptocurrency usage than traveling as right after you land in a foreign country you can find yourself lack of local currency.”
- Lower transaction fees when it is used as the transacting cryptocurrency on the Binance exchange.
- Various trading competitions which periodically award BNB tokens as prizes. Binance’s Twitter feed has provided some details of the latest Binance competition which will give out 8000 BNB tokens.
- The global expansion of Binance, which has recently opened an African office in Uganda.
Here is a LONG TradingView chart of Binance Coin by DIOR88 that shows the coin is ready to rally.
BNB/BTC Weekly Chart: March 12, 2019
BNB has been one of the best performing crypto assets through the bear market. After a 3x+ move over the past few weeks/months, the coin still looks quite bullish. It has managed to print a bullish pennant and a bull flag on the RSI and by the looks of it seems like BNB has some gas for another rally.
Now that Changpeng Zhao the Binance CEO has revealed that there is another token sale on the Binance Launchpad (Celer Network) the analyst expects some FOMO bullish movement again given the hype and the excellent performance of the previous launchpad ICOs that have already taken place.
DIOR88 warns that traders should tread carefully; however, the pullback can be an excellent entry for the next run.
The long-term, mid-term and short-term outlook on BNB price for the BNB/BTC pair is:
Long-Term – Bullish
Mid-term – Bullish
Please note: this analysis was done on a weekly chart. It takes a whole week for a candle to form, so these moves may take several weeks to play out. Entries should be made on shorter time frame charts such as the daily chart.
Since BNB is the native coin of the Binance exchange, you can trade BNB on the exchange for most major coins.
Published at Sun, 31 Mar 2019 14:38:44 +0000