Currency Binance becomes the first encryption to surpass the highest all-time high in January



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Binance Coin has had a stellar performance since the beginning of 2019. More than 315% since January 1. The BNB was able to surpass its old values ​​of all times from January 12, 2018.


The first to violate the former USD ATH

As Bitcoinist reported earlier this week, Binance Coin is one of the high-performance crypto-coins, taking a year off against Bitcoin.

BNB 00 continues its wave not only against the BTC but also against the US dollar. The criptomoeda managed to become the first to exceed its old ATH value against the dollar, which was reached in January 2018 – around the peak of the historic race of 2017. At that time, the BNB was trading at $ 24 , 46.

Against the BTC, Binance Coin is also doing splendidly, returning again to another ATH.

At the time of this writing, the BNB rose about 13% in the last 24 hours alone.

Reasons for the outbreak of BNB

It is safe to say that there is more than just one reason for BNB's strong performance throughout 2019. So let's take a look at some of them.

Utility

The main objective of Binance Coin was to allow the negotiators to receive significant discounts on the negotiation fees when using the BNB to pay for them.

According to the official document, those who use the BNB to pay their fees will receive a 50% discount in the first year, 25% in the second year, 12.5% ​​in the third year and 6.75% in the fourth year. This applies to exchange rates, withdrawal fees, listing fees and any other fees at Binance.

Burning BNB

BNB's initial offer was set at 200 million. However, the Malta-based stock exchange said it would be destroying the equivalent of 20% of its quarterly profits until 50% of all currencies are burned, leaving only 100 million BNB in ​​circulation.

So far, there have been 7 quarterly fires, which have removed a total of 10,677,344 BNB from circulation.

  • Initial exchange offers

Binance was also the first crypto-currency exchange to begin conducting initial exchange offerings (IEOs). Essentially, these are fundraising events where the stock exchange is selecting a particular project, issuing tokens through a dedicated platform, and listing them immediately for trading as soon as IEO is finished.

The problem, however, is that you can only use the native token of the exchange to participate. Thus, those wishing to buy into an IEOs carried out by Binance would have to first buy the BNB. Moreover, Binance has implemented a new rule requiring those who wish to participate to maintain BNB for at least 20 days prior to the event.

So far, Binance Launchpad has completed four IEOs, each of which ended in a few seconds with thousands of people queuing up to participate.

Binance Chain

Another major development around Binance has been the recent launch of its core network for the decentralized Binance Chain Exchange.

This has created a serious campaign in the cryptomoeda community, especially since every encryption that is migrating to the Binance Network is increasing the price.

Changpeng Zhao

Community sentiment certainly plays a role in the price of encrypted currencies and it is safe to say that Binance's CEO, Changpeng Zhao, is among the most prominent individuals out there.

changpeng zhao binance

Not only is he constantly outlining Binance's achievements, as well as those of other projects he attributes to the global adoption of crypto-coins, he also manages to attract many in space. This became even more so after his promise that Binance would leave Bitcoin SV after the dispute between Craig Wright and certain members of the community.

The above are just a few of the reasons for BNB's strong performance. However, with the exchange of the Binance Chain token arriving in a few days, it is interesting to see if the BNB will keep its steady course up.

Is BNB leading the next market rush? Let us know in the comments below!


Images via Shutterstock, Bitcoinist files

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