Binance Coin has been surging upwards despite the bearish outlook of the crypto market. The crypto market began showing bearish momentum after prolonged bullishness. The cryptocurrency had been moving upwards, albeit with increased volatility. The bullish uptrend sustained for BNB coin and it was able to increase by 20% during the past week and 9% during the daily timeframe. At the time of writing, the cryptocurrency stands at a price level of $592. If the bullish momentum is sustained then there is a possibility of Binance Coin breaking its all-time high at $690; however, given the volatile shifts of the cryptocurrency market one should not get too ahead of themselves.
Recent developments to watch out for
The cryptocurrency market has become highly saturated. Given the bullish outlook of the market, it is flooded by new tokens almost every day which makes it hard to differentiate the solid coins from the scams. One of the most foolproof method of ensuring the cryptocurrency is legit, is to analyze its underlying technology. In the case of Binance Coin, the underlying technology is one of the largest crypto exchanges, Binance. Because of the strong fundamentals, the cryptocurrency is believed to be one of the best bets in the crypto market.
However, a downside to this is that any issues in the crypto exchange can trickle down to Binance Coin. Recently, the exchange suspended all crypto withdrawals for a brief period of time which caused an uproar in the crypto community. Binance has also suffered from similar network outages in the past during periods of high activity. This has led to the controversy around the exchange because it is not set for a mass-scale adoption of cryptocurrencies. Moreover, a scam based on the exchange and its token had also been identified recently. Fortunately, the bogus website was picked up by Malware Hunter Team and casualties were minimized.
However, these recent developments put Binance under a bad light which, in turn, harms the reputation of Binance Coin.
Binance Coin Future outlook
The future outlook for the token continues to be bullish as it is the third largest cryptocurrency in the market with a capitalization of $100 billion. The token has also faced good competition from both Solana and Cardano which were vying for the rank of the token but Binance Coin continues to stay steadfast. Wallet Investor’s estimates put the token at a price level of $886 in a year’s time while the five-year projection estimates a value of $2460.
This news is republished from another source. You can check the original article here
Be the first to comment