Introduction about coin
Price of the Binance coin is $306.01 USD,. The volume of the coin today is around of $2,118,256,355 USD. During 24 hours, Binance Coin has lost 4.05 percent of its value. With a live market cap of $51,452,009,390 USD, CoinMarketCap now ranks #4. There are 168,137,036 BNB coins in circulation, with a maximum supply of 168,137,036 BNB coins.coins. Bincance coin was launched by a formal process of ICO in year 2017.The ERC-20 token was issued in a capped ICO, with a total supply of 200 million coins and 100 million BNBs being offered in the ICO. However, BEP2 BNB coins have been swapped to Binance Chain coins at a 1:1 ratio in April 2019 and not based on the ethereum platform.
Technology behind Binance
BNB Use and mining
BNB coin is used as a token for payment, and as a method to get towards the Binance coin. BNB powers the Binance DEX (decentralized exchange). The Binance chain does not mine BNB as it uses the Byzantine Fault Tolerance (BFT) consensus mechanism. Instead, miners provide security for the network by validating blocks. Proof-of-stake (PoS) consensus is used by ERC-20 tokens, allowing them to be immensely scalable and allowing smart contracts to be created. The Binance blockchain, unlike PoS, does not support smart contract functionality. The Bitcoin blockchain, on the other hand, is protected by the proof-of-work (PoW) consensus, which is far more limited and consumes a lot of electricity and computational resources.
Yearly Price Chart
All time high
All time high of the coin is 75.51 USD on 2021.
It is used to predict the support and resistance levels of the market. The 0.618 level is showing good support at 1556. The price may go further down to the 1300-1400 level.
Relative strength index is a great instrument to check the momentum of the market. RSI of the BNB/BTC pair is going up from 20 level .The buyers may look into carefully the support level before taking entry in the market.
Bollinger bands is a volatility analytic tool used for the technical analysis, Bollinger band of BNB/BTC pair is going to the bottom line around 0.0016 The middle line of BB will act as resistance as the market will go down little bit.
Parabolic SA is a great tool which used to check the momentum of the markets. The pattern is below the candlesticks this shows that the price will retrace from this point.
Recent developments of BNB coin
The recent developments of the BNB coin has led to increase in the price of bitcoin significantly. The upcoming events for the BNB coin will make huge impact in the price of the coin, apart from this, the binance exchnage has also made the coin favourite among the people.
- Total kripto overview 24 july
- MLT/BNB LP staking on 20 july 2021
- BNB burn on 18 july 2021
- NFT market place launch on 24 june 2021
- KickEX Listing 23 june 2021
- Coinflex listing on 11 june 2021