After the 2017 bull run, nearly all cryptocurrencies went into hibernation with some of them trading 80-90% lesser than their all-time high. However, in the last 6 weeks, the cryptocurrency market refused to be cowed by negative comments from outsiders who feel cryptocurrency is nothing but a scam.
The news of Bitfinex and Tether’s alleged shady deals coupled with the Binance Exchange hack did nothing debilitating to the cryptocurrency space at large save for the name calling and other attacks that came from lookers-on.
After the Binance Hack, many opined that Bitcoin would retrace to $5,000 or below, still the digital currency has continued to maintain its position. Although, Binance went below $8,000 before jumping above the mark again today.
Binance Coin Reaches $4 Billion Valuation As Asset Nears $30
One of the major digital currency doing fantastic in the space is Binance Coin (BNB), a native currency of Binance Exchange.
BNB trades around $29.25 with 11.20% price increase in the last 24 hours, a value that is very close to $30.
Although, this price is not the all-time high price of BNB, but just yesterday, Binance Coin crossed the $4 billion valuation, a significant milestone in the history of the digital currency.
At the time of writing, Binance Coin now has a market cap of $4,129,732,492, with a market volume of $574,006,825 USD, the highest in the history of BNB.
Binance IEO Soars BNB Price
One major reasons behind the spike in value of BNB is its announced initial-exchange offering (IEO), which is to take place on Binance Launchpad on May 28.
Binance is looking forward to unloading around 12.6 billion ONE tokens with a hard cap of $5 million.
There is no doubt that the token sale would be perfected in a matter of seconds, as previous token sales on the exchange’s Launchpad was done within minutes.
Participants in the IEO must HODL BNB to get up to 5 lottery tickets. The number of tickets they are entitled to is determined by the amount of BNB in their portfolios. At the moment, BNB is allocating around 16,666 tickets.
Binance Streams of Innovations
The notable move behind the progress of BNB is Binance Exchange’s decision to continue introducing diverse ideas into the cryptocurrency space.
After launching Binance DEX, last month, Binance launched its mainnet. The same month, the exchange launched Binance Singapore. With its 10 million users who are situated in different countries around the world, Binance through countless innovations, is building a userbase of BNB enthusiasts.
