Quick take:
A quick glance at the top 10 digital assets on Coinmarketcap reveals that Binance Coin (BNB) is ahead of the rest in terms of 24-hour gains. BNB is currently ranked 9th on the tracking platform and is exhibiting over 6% in 24-hour gains.
The bullishness of Binance Coin (BNB) can further be confirmed by taking a brief look at the daily BNB/USDT chart courtesy of Tradingview.com.
From the chart, the following can be observed.
The bullishness of Binance Coin (BNB) can be linked to three events. Firstly, the team at Binance has hinted at a Coin Burn in the pipeline for BNB.
The last coin burn destroyed around $52.5 million worth of BNB reducing the circulating supply by approximately 3.37 Million BNB. According to the Binance whitepaper, the coin burns will continue to happen until there is only 100 Million BNB in circulation out of the 200 Million minted during the Binance ICO of 2017.
Secondly, the Binance exchange is celebrating its 3 year anniversary through a 10-hour long Live Event that will have prominent guest speakers such as Akon and Anthony Pompliano. The event is scheduled for the 14th of July and everyone is invited to the free live conference that begins at 9 am, UTC.
Thirdly, and after Binance’s acquisition of Swipe, the Binance Card is in Beta testing with the exchange’s CEO, Changpeng Zhao, sharing screenshots of how the card dashboard might look once released. The tweet by CZ sharing the progress of Binance card can be found below.
A brief look at the top ten digital assets on Coinmarketcap reveals that Binance Coin (BNB) is experiencing some bullish momentum brought about by three events: a possible coin burn, the 3 year anniversary live event and the Beta testing of the Binance Card.
As with all technical analyses of Binance Coin, investors and traders are advised to have an eye out for any sudden moves of Bitcoin that might ruin the party. Additionally, the use of stop losses and low leverage is advised when trading cryptocurrencies on derivative platforms.