Binance Coin (BNB) is currently up more than 5% against both US Dollar and Bitcoin (BTC) simultaneously. The cryptocurrency has been on a continued uptrend since mid March and eyes further gains now that it has broken out of the triangle it was trading in before. Binance Coin (BNB) like Bitcoin (BTC) has a limited supply which makes it an excellent store of value in addition to being a utility coin to be used on the Binance exchange to pay for service fees as well as to invest into crypto assets.
Binance encourages its users to use Binance Coin (BNB) by offering a 50% discount on fees if paid with Binance Coin (BNB). Given the large number of traders on Binance and a daily trading volume of $1,712,554,393, the exchange has expanded exponentially and so has its user base. Most of those users feel comfortable accumulating Binance Coin (BNB) to pay for exchange fees. However, they would not be doing so if they felt that the crypto market was in a bad shape.
The rising interest in coins like Binance Coin (BNB) shows that the level of risk taking in the market has increased significantly. Investors are willing to buy and store Binance Coin (BNB) in order to minimize their exchange fees, only because they believe in the long term future of the crypto market. This kind of risking taking is unprecedented. In the past, when Bitcoin (BTC) price would plunge, the whole market would fall with it. However, recently we have seen a different kind of risk taking where some coins are seen to be making moves of their own. Other coins like Binance Coin (BNB) seem not be affected at all by a market bloodbath.
Binance Coin (BNB) has surpassed all expectations trading extremely well against Bitcoin (BTC). In fact, it has made some investors question if Binance Coin (BTC) might actually be a better store of value than Bitcoin (BTC) considering Binance Coin (BNB) can be used to pay for services while at the same time being a store of value as a coin with limited supply. Binance Coin (BNB) recently broke out of a cypher pattern and continued to rise up against Bitcoin (BTC) without testing the support line. The price has traded equally well against Bitcoin (BTC) by showing incredible strength and persistence. In fact, Binance Coin (BNB) could very well have been one of the best cryptocurrencies to hold in times of chaos. Overall, the price has continued on a strong upward trajectory, unlike many cryptocurrencies that have followed a boom and bust cycle. The lack of futures and options to manipulate the price of Binance Coin (BNB) as well as the determination of a visionary leader, Changpeng Zhao, the CEO of Binance to make the cryptocurrency industry transparent and fair lends further credibility to Binance Coin (BNB) as an investment. Currently, 114 million Binance Coin (BNB) tokens are in circulation with a total supply limit of 194 million. The price of Binance Coin (BNB) currently trades at $14.93 and is poised for further gains.