Binance Coin’s (BNB) price has hit 3-month high trading against the USD. The BNB/BTC trading pair, however, is currently at its all-time high (ATH).
BNB Price Continues to Perform
Binance coin (BNB) has managed to continue its steady increase throughout the last 7 days. The cryptocurrency has surged over 30 percent on the week, trading at $9.59 at the time of this writing.
Interestingly enough, this also marks a 3-month high when trading against the USD. The last time BNB’s price was this high was on November 8th, 2018 according to data from CoinMarketCap.
Things are substantially different when looking at the BNB/BTC trading pair.
At the moment, 1 BNB costs 0.0026BTC. This is the absolute highest price for BNB since inception when trading against Bitcoin (BTC).
What’s Driving the Rally?
One of the potential reasons for BNB’s price increase could be the fact that on January 16th, Binance burned a total of $9.4 million in a scheduled coin burn, hence eliminating a substantial portion of its supply.
Another important benefactor for BNB’s price, however, could be the company’s ICO platform - Binance Launchpad.
All the fundraising sessions on the platform, including that of BitTorrent, have gone through two sessions, one of which allows users to buy the project’s tokens using only Binance Coin (BNB).
All of the ICOs so far have been successful, which could suggest an uptick in BNB’s buying volume.
How High Do You Think BNB Price Will Go? Share Your Thoughts Down Below!
Charts by CoinMarketCap