Binance Coin (BNB) is a rather unique currency when compared to other similar assets in the market. This is the case because Binance Coin was issued by one of the largest exchange markets currently operating with cryptocurrencies, Binance.
Binance, as noted back in June of the current year, has around 9 million users across the globe, alongside with having Binance listings affecting added currencies to rise up by at least 80% at the time of the listing.
All in all, Binance makes up for one of the most popular and more successful exchange platforms so it is no wonder that Binance Coin (BNB) has a similar faith with over 1.2 billion dollars in market capitalization.
At the current price of 10$ per one unit and with the gains of nearly 4% in the last 24 hours despite the fact that toppers like Ethereum (ETH) and Bitcoin (BTC) are declining in price at the beginning of October, is Binance Coin able to get back to its peak price?
Can Binance Coin Get Back to Its All-time High?
Binance exchange decided to issue a special token for the purpose of charging fees through their own native token, called Binance Coin (BNB). Binance Coin was issued back at the beginning of August of 2017 as an ERC-20 type token as TRON (TRX) was once presented on the Ethereum network.
What might be the most interesting thing about Binance Coin is the fact that the main purpose of BNB is to cover fees for users who are trading with different tokens and currencies on the Binance exchange market.
Another interesting thing is that BNB has been showing signs of high stability ever since it was launched, even rising outside the usual active market trends as it was noted back in June when the currency had a sudden rise against the fiat with trading at the price of 18$ per one unit, to which it surged from being traded at the price of 14$ only several days earlier.
Moreover, the record price that BNB marked back in January during the massive round of increases across all cryptocurrencies, Binance Coin made it to the price of over 24$ going towards breaking the resistance of 25$ and above, only 5 months from the initial date of the official launch of BNB.
What makes BNB as stable against the market trends, currently being traded at the price of 10.26$ is the fact that those 9 million users that Binance recorded only several months ago are exposed to BNB when trading on Binance.
Users are not forced to utilize BNB, but there are several neat perks that come with the utilization of Binance Coin. For starters, instead of paying for your fees in Bitcoin or whichever currency available on Binance that you are planning on trading with, you can use Binance Coin to cover your trading fees.
Moreover, Binance Coin can be used for covering incorporate expenses, charging expenses and other types of expenses you might face on the Binance exchange. Although BNB had a “slow” start back in 2017, barely surpassing the value of 2$ for several months, the token thrived in December going after its all-time high in January.
What Can Push Binance Coin Up?
Binance is commonly used for covering expenses on Binance for the trading of different tokens and currencies, also enabling discounts in fees in case Binance users choose to go for Binance Coin for paying for their charges instead of picking another currency to cover their expenses.
Since the initial launch of the token, BNB made it to an all-time high of 24$, now being traded at the price of 10$, but with neat odds of getting back to its record price by the end of 2018.
With a clear sign of rebounding from the latest market dip, while showcasing a positive return on weekly and biweekly charts, Binance coin has also marked an extraordinary growth of over 8000% in the course of a single year.
Although the price of BNB is not necessarily related to increased trading volumes of different tokens and currencies on Binance, its growth is indeed related to the active utilization of BNB because users are practically bound to use it by its purpose (for covering fees and charges) instead of exchanging it for fiat to spin some profit as it is the case with the majority of actively trading digital assets.