That was quite alright considering the fact that altcoins are normally dependent on the price of Bitcoin. Throughout December it was as low as $4 - $6. On November 24 the price dropped below $5.
For most of the fall, the price was quite stable - around $9 or $10 but in late November it has fallen harder. In July there was a little step back and in August the token price had dropped below $10 again. During that period the BNB price was moving from $12 to $17. The resurgence continued the whole spring through and finished only in late June. Since March 31 the price was always above $10, reaching up to $15 at times. In February the price had dropped below $10 and was fluctuating in $8 to $10 range until late March. The fact that after this rally the prices of most altcoins didn't manage to reach the same or bigger values is absolutely OK. The prices of many altcoins that became popular those days (including BNB) were reflecting the BTC's peaking price.
It is also important to realize that the price of Bitcoin was allegedly manipulated and the value of $20k was unnatural. One of the key factors for that was the ban of cryptocurrency-related business in China - a significant player in the global cryptocurrency industry. That wasn't solely Binance Coin's decline as the entire cryptocurrency market began to lose its value those days. In the next few days, the price continued to drop gradually. On January 16 the trading was closed at $13.89. The maximum for BNB of that period was reached on January 13 when the price peaked at $23.67. In the next few days, the token was trading at over $20.
On January 5 the price had skyrocketed reaching around $16 at maximum. In early January of 2018, the BNB price was fluctuating around $8. On December 26, the price reached $10 for the first time (although it didn't last long). In December the price has suddenly taken off updating new heights daily. Until the beginning of December, the BNB value was moving up and down between $1 and $2. By the end of the month, it has grown a little surpassing the $1 level once again. There was a correction in early September when the price has dropped below the $1 mark again. In the first days, BNB was traded at around 11 cents per coin but by the middle of August, the price had surpassed the $1 level and almost reached $3 on August 23. That's pretty much a typical trajectory of the price of any coin launched in the second half of 2017. Even without looking at the details, we can already guess that the coin's price has gained its all-time-high by the end of December 2017, nosedived in the spring of the next year and is oscillating around the value much lower than the peak price but better than it was in "crypto-winter". The trust of the community in this exchange and the privileges provided to traders using BNB coin resulted in the popularity of this asset.īinance Coin was made available in the summer of 2017 - not long before the historic peak of the entire cryptocurrency market. All these qualities have made this exchange one of the leaders on the market of cryptocurrency exchanges. The exchange has good liquidity, provides hundreds of trading pairs, and is capable of processing a high amount of transactions per second. The rest BNB coins went to the Binance team. Half of the tokens were bought by the public and 10% was given to angel investors. Binance Coin was distributed during the ICO campaign. The quick success of the token is easily explained by the huge popularity Binance managed to gain very soon after the launch. Moreover, Binance Coin is one of the top 10 cryptocurrencies by market cap. It's fair to say that Binance Coin is one of the most popular native tokens. On Binance DEX many most currencies are traded against BNB so having this coin in the portfolio gives wider opportunities. If traders choose to pay fees in BNB they get a discount. BNB is an ERC20 token that can be used to pay fees on Binance exchange. Binance Coin (BNB) is the Binance native token created the same year. We only should consider some other factors.īinance is one of the most popular cryptocurrency exchanges. These factors are supposed to fuel the cryptocurrency market in general and will definitely influence the price of Binance Coin in a certain way. For instance, we are witnessing a cryptocurrency resurgence and know about the upcoming long global economic crisis. It doesn't mean that the prices can't be predicted at all because some of the upcoming events are highly probable. We can learn a lot from the past rises and falls of certain coins but many circumstances influencing the market are barely predictable. Predicting the future prices of these or that cryptocurrencies is not an easy task.
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