After hitting a new all-time high, after an impressive rally last week, Binance coin’s (BNB) momentum has continued, hitting another all-time high on April 5.
On April 5, the native token of crypto exchange Binance hit a new all-time high (ATH) of $371.15. This, just days after it had achieved its highest price of $356.92, since its previous all-time high of $347.91 on Feb. 19.
After that high point, the coin struggled, along with other cryptocurrencies, in the wake of “Bloody Monday,” eventually falling to below $200 by the end of February. Although it briefly surpassed $300 on March 11, its recent rally really began on March 25.
From March 25, at around $230, BNB began seeing upward momentum until March 28. At that point, it leveled out between $260 and $280. However, on March 30, the price sprang up from just above $270 to nearly $317.
It corrected a bit the next day, but saw even more massive gains on April 1. It achieved an ATH the next day. Over the weekend, the price had corrected trading down below $320. However, bullish momentum has returned, enabling BNB to reach another all-time high.
Although this rally has occurred in just the past fortnight, BNB’s price has soared over 60% in the last 30 days. This has solidified BNB at #3 in terms of market cap, which now stands over $56 million.
BNB powers Binance
Binance is the world’s largest cryptocurrency exchange by volume. To facilitate the needs of its users and incentivize their participation on the platform, Binance launched its coin in July 2017.
Although it was originally a token on Ethereum (ETH), it later migrated to the Binance Smart Chain (BSC), the exchange’s blockchain ecosystem launched in September 2020.
Among its facilitating capacities, Binance users can pay trading fees with the coin at a reduced cost. In terms of incentivization, users can stake their BNB through the Binance Launchpool to earn rewards or participate in coin listings.
BNB’s increasing value is also reflective of the growing popularity of its platform. Binance has recently started offering new services for its users including Binance Pay and Binance Card.