Binance Coin (BNB) has sky-rocketed to mythic heights from the beginning of 2021. From a rate of $37.2, it has soared up to $276.07 as of writing. It has shown a remarkable percentage increase of almost 642.124% just within 3months.
BNB is one of the best utility tokens that facilitates trade, pays, and simplifies transaction fees on the Binance exchange platform.
Due to its high surge in price over the past few months, investors are curious to know whether Binance Coin will likely hit an all-time high in 2021? Let’s dig a bit deeper into BNB’s journey, price range, and plans for the long haul.
Binance Coin’s Rally Over The Past few Years
Thanks to the popularity of one of the largest exchanges, the Binance exchange, BNB has successfully positioned itself in the crypto market. The purported goal of BNB is to support operations going on the Binance exchange.
Binance Coin has been in the market since 2017, its initial coin offering. Apart from 2021, all through the year, the coin reached the highest price of $40, only once. A significant part of its success was the exchange platform and in-house machine engine that matches users looking for buying and selling the same asset simultaneously.
Its popularity gave BNB token massive support from various partnerships. To name one is the partnership with Uplive, the biggest social video entertainment platform. Binance is a highly secured and one of the most trusted crypto exchanges in the market. It has gained much popularity among traders and investors as it offers fast transactions with the lowest fees of 0.1%.
Where Does Binance Coin Stand Today?
Binance Coin has had an impressive market take-over over the past few months. In December 2020, it was the 10th largest cryptocurrency. Today BNB has surpassed the level to become the world’s third-largest cryptocurrency, positioning itself in the 3rd position of the CoinMarketCap ranking.
Currently, BNB has a price range of $274.10, a great increase in terms of its price in 2020. It has a market cap of around $42,357,700,543 and is expected to rise more in the future.
Binance Coin has a limited supply of 170,532,785 coins and currently, 154,532,785 coins are in circulation. The scarcity of the coins gives BNB high demand in the market increasing its price range. Crypto enthusiasts have a positive outlook and predict that Binance Coin will likely hit an all-time high in 2021.
Binance Coin’s Rally In February
Without mentioning the month of February, one cannot talk about BNB and its tremendous rally in 2021. Till the end of January 2021, BNB was swinging between a range of $20- $40. After a long-time resistance, things started changing around February 1. The coin started surging up its long-time resistance slowly and then went straight up doubling its price hitting an all-time high of $342.88 on February 19, 2021.
Though it dropped down to a range of $217.3 on 28th February, it is again surging up higher at its own pace and awaiting to hit its next all-time high in 2021.
What Sky-Rocketed Binance Coin’s Value In 2021?
Well, there is a reason why Binance Coin all of a sudden sky-rocketed in February. To make up for its loss of market share over the past few years, BNB started incorporating new DeFi components. For instance, the creation of Binance DEX that supports interoperability-focused DeFi projects.
Its prominent role in fee settlement and transfers has drastically boosted its volume and value over the past few months. In order to encourage its investors to stay on the exchange, Binance increased the number of tokens available on its staking platform. This exchange helped BNB to increase the interest rates for each token and investors chose to stay.
Why Binance Coin Is Likely To Hit An All-Time High In 2021?
Binance Coin is poised to soar higher in 2021 and the coming decades with its spew of plans and development in store. One factor that boosts BNB to likely hit an all-time high in 2021 is the increase in its products.
Binance exchange introduced a beta version of Binance Pay, the PayPal competitor earlier this February adding to its growth. With Binance Pay you can easily pay and get paid in crypto from anyone worldwide.
With its DeFi adoptions, the Binance chain will eventually emerge as a great competitor to Ethereum in the coming years boosting its value and demand in the market.
Binance burn is a unique strategy that is focused on increasing the value of each BNB coin. Binance burns out a specific percentage of their coins every quarter. This will eventually make the coin scarcer, boosting its value in the market.
Binance Coin Is Likely To Hit An All-Time High
With all this in-store, Binance Coin is likely to hit an all-time high in 2021 again. Experts predict that it will be one among the top-performing crypto-asset this year. Binance Coin has a strong community that carefully monitors the crypto market trends and has its own pace for growth.
The price of Binance Coin has seen a drastic change over time. It is expected to soar even higher in the coming decades, making it the best long-term investment option for investors.
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