Although the cryptocurrency market is experiencing a price correction, BinanceCoin (BNB) is poised to reach an all-time high this month. According to CoinGecko, the token issued by the Binance cryptocurrency exchange is very close to its record high of $686. The altcoin approached $600 on Saturday and came very close to recording a record high.
Third largest by market value altcoin BNB has increased by more than 66% in the last 30 days. Additionally, the cryptocurrency has surged 22% in the past week alone. Currently, the asset is trading at $591.88 and is 16% away from the top.
Binance Coin Price is Very Close to the Peak
As we reported as Koinfinans.com, the cryptocurrency market has strengthened under the leadership of Bitcoin. Bitcoin hit an all-time high in March, surpassing $73,800 on March 14. Although many tokens have corrected in recent days, Binance Coin is very close to the top.
Following the turmoil, BNB increased by more than 66% during this time. On Saturday, this asset briefly surpassed $600 and is inching closer to the record figure of $686.
One of the main reasons behind this month’s massive Binance Coin rally is Binance Smart Chain (BSC) growth. Notably, Messari reported large increases in both adoption and daily transactions of over 25% and 24% respectively. Therefore, BNB has been directly impacted as the driving force of the BSC ecosystem.
These network activity benefits have brought BNB to the brink of a watershed moment. Messari also cites the BNB token burning mechanism as another useful aspect of the token. More than 46 million BNB coins have been burned since the mechanism was introduced in 2017. In addition, BNB has had an average deflation rate of 1.1% over the past year.
