Why Justin Sun calls Binance coin a New Bitcoin

Binance Coin

Binance is the leader in the Crypto-exchange market. Until now, the Binance Coin BNB has increased to $15.61. It has a surge of threefold in last 3 months. With this steep increase in the prices of Binance Coin, people expect it to increase even more. This attracts many people to try their luck on the largest digit-asset exchange coin. So, the BNB has picked the pace to outperform in the market with a bright future ahead.

Increase in BNB from 24 December 2018 to 18 March 2019:

By contrast, the prices of Binance Coin saw an exponential increase from approximately $6.32 to $16 from December 24, 2018 to March 18, 2019, which has marked the beginning of the remarkable trend like Bitcoin once had. It is expected that it can hit the same benchmark set by Bitcoin going forward in a few years’ time. This sudden increase in the prices of Binance Coin clearly shows that it has a bright future in the market. From the below given line graph, you can witness the continuous increment in the prices of Binance Coin.

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Why are the prices of BNB increasing?

Everybody is surprised with this unexpected bounce of BNB when over half of the crypto market did trade in red, only BNB was green on March 17, 2019.

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The credit of this significant growth of BNB in past few weeks is thought to be because of impact of multiple high-profile events. Recently, Binance Blockchain week was there. Then, Binance Jersey was launched in past few weeks only. This is true that the sudden change in the market of BNB has happened due to the announcement of significant events.

Some researchers even say that the reason behind BNB prices getting geared up is the launch of Binance Launchpad which made BNB more popular in the market. This Launchpad project is for fundraising in which tokens can further be launched. Launchpad started off with the sales of recently launched BitTorrent BTT. In this, $7 million was raised only in first 20 minutes.

Of course, there is also a correlation between the volume and the prices. There is no doubt that the price is increasing in accordance to the volume. Other prime reason for the increase in BNB volume is launch of Fetch on the Binance Launchpad after BTT which happened on February 25, 2019. Apart from this, the increase in the prices of BNB is also because every token launched on the platform accepts BNB.

You can see how the prices of Binance Coin changed with the help of below given table. The table shows the data from first two weeks of March.

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As it can be seen from the above data given in the table, BNB had a huge change in its prices only in 14 days. It opened on a decent price of $11.548 and hit a closing price of $15.778 by March 17, 2019. So, the customers could be able to make enough money by this unexpected change in its prices.

This surge of BNB is also due to coin burning. In this process, the coins are permanently removed from the circulation which ultimately reduces its supply. Binance does it on a regular basis after an interval. Every quarter, 100,000,000 BNB coins are destroyed in BNB burning event. This happens according to the total trading volume. As a consequence, this gives a rise to the demand of BNB as its supply decreases in accordance to the culling of coins.

Why should new customers purchase Binance Coin?

There is no doubt that BNB has become a buzzword in global market due to its increasing trend. It has even created the sense of fear among other cryptos present in the market because it is exceeding them all on a very fast pace. One can make a good profit in a short time by purchasing BNB. What’s more, it will be a golden opportunity for new users to make innumerable profit by holding Binance Coins for at least 5 or more years because BNB prices are likely to go up in the future. People who prefer trading should definitely try to invest in this crypto of fortune. You can see how the prices of BNB/USD are expected to soar in a few weeks’ time.

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According to the forecasts, Binance coin, on the other hand, also seems to be a fruitful long-term investment. One can regularly check the updated information on this cryptocurrency and can make a wise decision. Undoubtedly, BNB can be a right choice for the people who look for return through virtual currencies. Undoubtedly, prices of BNB are going to soar in long run. You can see the future projections of 2020 in the below given graph which are expected from the increasing trend of BNB.

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Not only this, but it is also in the news that Binance will soon become world’s first centralized company which is going to decentralize by migrating to native cryptocurrency possibly in a 5 years’ time. This assumption is made on the recent performance of BNB in the crypto market as it has surpassed Stellar, Bitcoin SV, Cardano and Tron. Hence, it is expected that BNB will move from the Ethereum network to Binance Chain as it had its testnet launch in the month of February.