BNB Achieves Record High Following Presale Launch for Binance-Chain’s Store-of-Value Token & Spot ETF Speculations
As the founder of Binance starts serving a 4-month federal prison sentence, the US Government’s recent approval of infrastructure for the Binance crypto ecosystem is dominating the scene. The BNB coin has reached an all-time high after the launch of the presale for “Bitnance ($BTN)”, the BEP-20 alternative to Bitcoin.
What is the All-Time High for Binance (BNB) Coin?
The new ATH for the BNB coin now stands at $720.67 [USD], a record set on June 6th, 2024. Previously, the native coin of the world’s largest crypto exchange would hover around $650 before experiencing a correction, which has occurred twice before in 2024.
Why is the Price of BNB Coin Rising?
There are several theories as to why the price of the BNB coin is on the rise.
One prominent reason is the anticipation of a spot ETF approval for Binance Coin later this year. Following Ethereum’s approval, many believe that coins like BNB, SOL, XRP, and LTC could see similar outcomes. Additionally, the recent resumption of credit card purchases by Binance, specifically Visa and Mastercard, may have also contributed to the sudden surge in price. This news, announced today, was in the works for over a week and could possibly indicate insider trading.
Bitnance (BTN) Token Presale
Another speculated reason for the price increase is Binance-Chain’s new BEP-20 token “Bitnance ($BTN)”. The token presale was launched as the blockchain’s version of Bitcoin ($BTC). Media outlets like CryptoNews, InsideBitcoin, and ICOHolder have highlighted the upcoming store-of-value token on Binance-Chain, which is poised to rival Bitcoin with similar anti-inflation features. With minimal trading fees on Binance-Chain, Bitnance is expected to be a more cost-effective option compared to Bitcoin.
This project has garnered significant interest from investors during the initial ICO phase due to the projected price doubling from the current $0.357. The store-of-value token’s price is influenced by demand, and with Binance Exchange being the largest in the world, the potential for growth is substantial.
How Many Traders Use Binance?
It is estimated that 170 million crypto traders utilize Binance. The top CEX handles trading volumes exceeding $7.7 trillion per year. The BEP-20 network supports over 69 fiat currencies, making it a highly accessible option for cryptocurrency holders worldwide.
Any announcement made to such a vast audience could impact the price of the BNB coin due to its association with Binance-Chain. However, it is the ecosystem’s overall utility and problem-solving capabilities that serve as the primary drivers for its growth.
With credit card purchases reinstated, the rising popularity of the store-of-value token Bitnance (BTN) in comparison to Bitcoin (BTC), and the possibility of a spot ETF approval, Binance Coin (BNB) could potentially surpass $1000 in the near future. Stay updated with us on Google News.