Binance Coin (BNB) Reaches All-Time High Against Bitcoin (BTC), Eyes Further Growth

Compared to Bitcoin (BTC), Binance Coin (BNB) has performed exceptionally well and has more than doubled its value against the market leader since December 2018 — currently sitting at 0.003 BTC/BNB in a market where almost all altcoins are losing ground to the first and foremost cryptocurrency. In March 2019, BNB also broke its previous all-time high against Bitcoin (BTC), completely eclipsing the $0.00198 seen back in August 2018 and exceeding it by more than 40 percent. Currently, most technical indicators point to BNB as a weak buy — with the relative strength index (RSI) indicating the market is neither overbought nor oversold. The exponential movement average (EMA) and the simple moving average (SMA) indicate additional growth in the short term. Right now, BNB appears to be trading in a strong bullish channel and does not appear to be flattening out, indicating there is still the potential for significant growth in March 2019. If the coin continues trading in this channel during March, achieving at least $13.25 by April is certainly within the realm of possibility. Much of this price movement likely relates to the explosive growth of its host platform, Binance, which became the most popular cryptocurrency exchange in operation within just six months of its July 2017 launch. In that time, the exchange has managed to add more than 10 million regular users and facilitate trillions of dollars in trade volume. Binance has two clever mechanisms to help BNB maintain a constantly improving value over time. First of these is its quarterly buyback-and-burn procedure, which sees the Binance team invest 20 percent of net profits in buying back BNB at the market rate before burning them to reduce the circulating supply — hence making the remaining BNB scarcer. Since Binance also require that users hold a significant sum of BNB in order to benefit from reduced trading fees, plus provides a discount when actually paying these transaction fees in BNB, it stands to reason that, at least for the foreseeable future, demand for BNB should continue to grow — so long as Binance can maintain its juggernaut-like momentum. What is your opinion on Binance Coin (BNB)? How long can it possibly keep climbing like this? Let us know your thoughts in the comments below!