Price Analysis

Binance Coin Price Gains Another 8.8% as new All-time High is Nigh

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A lot of cryptocurrency enthusiasts have high hopes where Binance Coin is concerned. So far, it has proven to be one of them ore profitable investments of 2019, and even more so for those who bought it when BNB was valued at mere cents. In its latest uptrend, the Binance Coin price is getting a lot of attention again, as it seems on par to hit $23 this weekend.

When Bitcoin is moving up ever so slightly, there are plenty of alternative markets which will perform admirably as well. As far as Binance Coin is concerned, it seemingly couldn’t care less which way Bitcoin is headed these days, as it mainly resumes a bullish trend without too many problems. The most recent setback has been overcome as well, as the BNB value continues to skyrocket without any real resistance.

To put everything in its proper perspective, the Binance Coin price gained another 8.81% to rise to $22.68. There is also an 8.42% gain in BNB/BTC, and a 7.58% increase in BNB/ETH. All of these trends are very impressive in their own regard, although it remains to be seen how high the price can go in the near future. Many people expect a new all-time high, which would require another 9-10% increase in value. Not unlikely given the bullish sentiment.

On social media, there are plenty of people who are smitten by Binance Coin, for rather obvious reasons. Jamie is impressed with the way BNB is potentially the first top market to note a new all-time high. It is pretty interesting to see any market note a new high after the bearish year 2018 has proven to be. Even so, if Binance Coin can note such strong gains, there is no reason to think the other top markets won’t be able to do the same.

Impressive to see that #BNB #BinanceCoin is probably going to be the first to recapture ATH’s. Well done @cz_binance and team!

— Jamie (@BullishOnCrypts) April 19, 2019

Speaking of reaching a new high, it would appear Petr Misan expects some sort of uptrend to materialize in the near future. Considering how it would “just” require a $2 price increase per BNB, it is far from unlikely to see something along these lines occur. The bigger question is whether or not that value can be reached, and if so, how long it will take for a massive BNB correction to kick in.

#Binance coin is less that $2 away from ATH#BNB $BNB #cryptocurrency pic.twitter.com/YBBPgdUda8

— Petr Misan (@petrmisan) April 19, 2019

As is always the case on Twitter, there are also those who oppose the current Binance Coin hype. Robb Stark – not the real one – considers BNB to be a “scam coin” because the exchange has not been “publicly audited’ for quite some time now. It is evident this rise in BNB value raises a lot of questions, but spewing such allegations without any proof to back it up seems to be the wrong way to go about it.

#binance #bnb you trading that scam coin? #ico #ieo people screwing tether should do audit! Who audit 3rd largest exchange last 2 years? Are all btc, usdt funds really there in that quantity as traded or are they just printed numbers on screens and not backed? #scam #bitconnect

— Robb Stark (@RobbSta19598052) April 19, 2019

When the dust settles, the true test for BNB still lies ahead. These current gains are a continuation of what has been happening for quite some time now, yet one also has to wonder how sustainable the trend itself really is. Going from $4.79 to $22.68 between December 2019 and April of 2019 is very impressive, but it seems unsustainable. Even so, Binance Coin shows no real signs of weakness at this point, thus anything remains possible.

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

Image(s): Shutterstock.com

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