The crypto market is going up nicely and most are eyeing on $BNB When will it break $1000.
In this article we will go through a few factors that could potentially send $BNB to $1000 and even beyond.
We go through the fundamentals first and then the BNB chart.
1. Backed by a reputable exchange:
Something not to be ignored, BNB is the native cryptocurrency of Binance, one of the largest and most reputable cryptocurrency exchanges in the world by daily active users and by trading volume as well.
2. Transaction fee discounts:
Binance offers discounted trading fees for users who hold BNB in their accounts.
All User Funds are Safe, BNB Holders will Continue to Enjoy a 25% Trading Fee Discount on spot trading fees..
For Futures trading, paying with BNB generally earns you a 10% discount on both maker and taker fees.
This incentive encourages more people to use and hold BNB, driving its demand and potential value. But i personally i do not use this feature as it will reduce the amount of BNB i have. The more you open and close your trade the more you BNB coins will be deducted so make sure you disable that option. I do not want that so.
3. Token burn mechanism
Binance periodically buys back and burns a portion of BNB tokens from the market, reducing the total supply. This scarcity model can potentially increase the value of BNB over time.
Simple math it is
More demand + Less supply = Price increase
Unlike the other Altcoins that keeps releasing the supply in market and compressing the price of the coin.
As of now based on the data Binance has burned 62 million BNB coins which is a huge amount.
4. Utility within the Binance ecosystem
BNB has various use cases within the Binance ecosystem. I will not go into detail of these but It can be used to pay for
Trading fees,
Participate in token sales on Binance Launchpool
BNB Simple Earn Products
Binance Hodler Airdrop for users subscribed to Binance simple Earn
Book hotels through Binance's travel partner, among other applications. ETC
Lets have a look at $BNB Chart
BNB Weekly chart
The price is now trading well above its 2021 high, The area that rejected the price down multiple times.
I am just going to keep it straight forward. As long as BNB is holding/trading above this 2021 high. I think its bullish and we will likely see it continues to move higher.
The Second Perspective
BNB consolidated this range for 490 days and it makes absolute no sense to me why would it stop here after spending so much time below the 2021 high. (Just my observation ofcourse)
Is $1000 BNB Possible?
The road is clean in my opinion as long as its above 2021 high and if overall market conditions stays bullish I think BNB is all set for that, The demand is increasing the supply is getting burned.
No financial advice of-course, just my opinion and you should always do your own research.
#bnb一輩子 #ETHBreaks4000 #BTCUnbound