Binance Coin Hits ATH
· Binance coin (BNB) replaces Bitcoin Cash (BCH) as the ninth-largest cryptocurrency.
· BNB makes a new all-time high (ATH) at $55.40.
· Since the altcoin started its rally in March 2020, it has made over 693% gain.
Binance Reaches An All-Time High
Binance (BNB) coin is on its way to the top of the cryptocurrency ranking as it hits a new market cap, moving past Bitcoin cash. This news came after Cointelegraph Markets, and Trading view released a data placing BNB at ninth place after displacing BCH.
BNB is the in-house token of the cryptocurrency exchange Binance. The altcoin’s performance was linked to the increased trading volume after Dogecoin got a boom due to Elon’s tweets. Today, February 4, BNB has made three new ATHs and is currently trading at $55.40.
Binance Market Cycles
Starting March 2020, BNB has steadily gained momentum, and right now has reached a new all-time high. Binance started its first market cycle in 2017, reaching an all-time high at $25.18. It later dropped by about 84% to $4.12 over the year, eventually reaching a low of $4.12.
The second wave started by rising to another all-time high of $39.59 in June 2019 before it corrected to a low of $6.30 in March 2020, nearly retesting the previous low. Ever since Binance coin started its move in March 2020, it has risen gradually.
BNB started its third cycle in March and has since had a gain of about 693%. After it broke out of the previous all-time high, it has retraced to retest that level twice, which is a signal that the level might hold. Provided that the level holds, Binance is expected to continue its push.
Binance started its first market cycle at a low price of $0.50 and is now trading at $55.40 as at February 4. As reported by Cointelegraph, more traffic is being driven considerably to the exchange market as it is experiencing more expansion.