New Week, New Record: Why Did Binance Coin Increase?
Will #BNB Rise Continue?Binance Coin started the week with a new record. So, why has Binance Coin soared and will BNB continue to rise?
While the rally of cryptocurrencies continues, the fact that Bitcoin (BTC) is above $ 60,000 and Ethereum (ETH) is above $ 2,100, triggering upward movements in all altcoins. Among the top ten cryptocurrencies in terms of market value, Binance Coin (BNB) seems to be the crypto that made the best start to the week.
↘️New Record at Binance Coin
For the last 3 months, cryptocurrencies have been breaking records, and some coins have even been breaking new records in a row. Actually, Binance Coin is one of them. BNB, which was traded in the $ 35 band in January, increased both its price and market value with the increase movement it started.
With the rise it has caught, BNB, which has been the third largest crypto currency in terms of market value in recent weeks and maintains this position, is trading at $ 558 as of the time of writing.
↘️Why Is Binance Coin Increasing?
BNB is one of the most reliable exchanges in the world, and the steady increase in the price of Binance 's crypto currency affects the price of BNB. However, it is seen that the statements made about BNB also affect the price of the crypto currency.
For example, Binance Coin's latest surge started around the same time as exchange #CEO #Changpeng #Zhao (CZ) made a statement on Twitter. In a statement about Binance coin , CZ talked about the BNB close and said, “When you burn #cryptocurrencies , they go out of circulation forever. This increases the value of the remaining crypto coins. I have BNB burn in a few days! ” He used his words. The CEO did not forget to add that his statements were not financial advice.
↘️Will The Price Increase Continue?
CZ's statement that with the BNB burning, the supply will decrease and therefore the price of BNB will increase, which may have increased a buying pressure in the market. In addition, the BNB price may continue to increase in the coming days, even if demand remains the same, as BNB burning will actually mean a decrease in supply, according to analysts .