With so many digital assets making new surges as the day progresses, one coin that has performed well beyond various imaginations has been Binanced owned coin, BNB. In the last few months, the coin has jumped over 360% as many traders in the market continually use it in different cases in the market. With the latest move that the digital asset saw, it presently trades around $188.
At the beginning of this month, the digital asset traded $50 but has since saw major surges as it touches a relatively new all time high figure of around $190. Coming alongside the asset’s price surge, the entire market cap of the asset has jumped up and is now around $27 billion.
BNB currently sells for $188
The coin is enjoying everything good in the digital asset market has it has also placed in the sixth position in most valued digital assets to enter the top 10 for the first time. With the on-chain analysis of the coin showing that the coke has sustained a bullish run in the past few days, there are further indications that the bulls are not yet done with the market. This also means that the digital asset does not have a resistance level for now, and traders can continue to buy more of the asset without fear of a price correction or rebound after hitting a certain level.
The asset presently selling at $188 shows the highest ever price mark that the digital asset would touch since it was launched back in 2017. Binance raised a remarkable figure of $15 million in its Initial Coin Offering at its launch time, with the firm promising to infuse the investment into building and increasing its marketability. When it was created, the coin was initially earmarked to be used for transactions because of the low fees that it incurs.
BNB now has more use cases
The coin has seen more uses as Binance has infused it into its Binance Chain and Binance Smart Chain, which the company developed. In doing that, it has helped the price of the asset, and coupled with the surge that various decentralized protocols on the smart chain have seen, it has, in turn, accelerated the price of the asset. A project that is worthy of being mentioned is Pancakeswap. Even though it is just coming up at this point, it has been rivaling several protocols like Uniswap and Sushiswap, located on the Ethereum blockchain.
The main aim of Pancakeswap was to build a peer-to-peer system where users can make fast and affordable transactions at low fees compared to those of Ethereum, which are always at high fees. A downside to Pancakeswap is that the protocol has centralized elements which means that there are chances that the decentralized exchange is not secure enough. Presently, Pancakeswap has taken the second position of Sushiswap in the decentralized exchanges rating and behind only Uniswap in the list.