For the past 14 days, Binance Coin (BNB) has been on an uptrend along with other barter brands.
Binance Coin, native to the Binance cryptocurrency exchange, recently hit a new all-time high (ATH) of $ 586.23. With that surge, Binance Coin now has a market cap of $ 87,636,815,416, solidifying its position as the number 3 cryptocurrency by market cap.
The BNB’s parabolic price increase may be related to two key factors, including the growth of the Binance Smart Chain (BSC), the Exchange Backed Decentralized Finance (DeFi) network that is driving the emergence of new smart contracts. In addition, Binance CEO Changpeng Zhao pointed out on Twitter that Binance Coin could potentially suffer token burns in the coming days. This measure will further increase the scarcity of the coin and, as a result, its valuation.
The rise in the price of coins means buyers will have to take action against the cryptocurrency. Your buying action could be justified as the BNB increased by over 300% in 2021. Many analysts predict that the cryptocurrency will gain even more.
Exchange tokens are generally bullish
In addition to the BNB, other important tokens for exchanging cryptocurrencies will also receive a reasonable price taper in what appears to be a market-wide rally. The native cryptocurrency of the FTX Derivatives Exchange Token FTX Token (FTT) was also printing a new ATH of $ 53.96 at the time of writing. The coin has grown over 34% over the past week.
Kucoin Token (KCS) also experienced a parabolic run over the weekend, which was characterized by growth of 17.1% in the past 24 hours and trading at $ 19.69. DeFi-based exchange tokens are also not left in this bull run, as Uniswap (UNI), SushiSwap (SUSHI) and PancakeSwap (CAKE), among others, are also seeing reasonable price increases for their tokens.
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