• The BNB token carried out the last burning on Monday, October 18.
• Binance Coin is approaching the $500 value.
As expected, Binance Coin has continued to remain a force in the crypto market with an increase of over 6.24 percent in value in 24 hours. The native cryptocurrency of the Binance platform trades at $486.73 today, October 28.
BNB went through a rough patch a week ago, where it traded at $483.03 per token. However, now the token is rising, inching closer to its all-time high at $686.31.
Binance Coin close to $500 range: Will it stay there?
For some time now, cryptocurrency enthusiasts have speculated that Binance Coin would increase the price after months with a stable chart. The cryptocurrency is the image of Binance’s growth by achieving a 7.10 percent peak in its price in less than 24 hours, according to CoinMarketCap. In a week, the BNB token has risen in price to over 2.52 percent, with a trading volume of $2,339,225,114 in 24 hours.
The cryptocurrency BNB remains in third place among the most highly valued tokens, below Ethereum, which has also experienced an increase in its value. The week could end with a bullish streak among the top three crypto tokens, where Bitcoin starts the list.
Binance platform could be behind BNB’s rise
Since last week Binance platform has talked about the increase of its crypto and the strategies they want to apply to achieve it. Among the proposals is a token burning system with which the supply in BNB will be reduced and thus increase its demand. This proposal was announced last Friday and, less than a week away, the BNB price skyrockets, which is a coincidence.
Binance Coin, developed in 2017 by the Binance platform, belongs to deflationary tokens with constant asset burning that helps them maintain their value. This crypto burns its supply in 3-month lapses, which would sum up to action four times a year.
Monday, October 18, was the last burning, corresponding to the seventeenth burning since its creation. This latest burning had to lower the BNB adoption rate, but enthusiasts bought it, which increased its price significantly.
Now, Binance Coin achieves a market capitalization of $81,186,096,900 with a circulating supply of 166,801,148 BNB today. BNB is the only token that started on Thursday, October 28, on the rise because Ethereum is trading at $4,188 with a rise of 5.10 percent in its price for 24 hours. Bitcoin, which is the world’s most commercialized cryptocurrency, increases in value in 24 hours, reaching a price of $61,277.