Binance’s BNB Token Hits All-Time High in Bitcoin Value

February 11, 2019
49 Views

Binance Coin (BNB), the token issued by the world’s largest cryptocurrency exchange by trade volume Binance, has extended its recent gains to set a new all-time high in bitcoin-denominated value.

At press time, BNB is trading at 0.002619 BTC ($9.60) but previously reached 0.002688 at 10:00 UTC Monday – the cryptocurrency’s highest price in its entire one and half year history, according to data from Binance. 

Binance first listed BNB for trading on July 14, 2017, and the token has achieved a nearly 9,600 percent return on investment from its December 2017 initial coin offering (ICO) price of $0.10.

At the same time, BNB still has a ways to go before approaching it’s all-time high in USD value. Current figures represent a decline of 58 percent from BNB’s USD high of $22.48 achieved on Jan. 12, 2018, data from OnchainFX further reveals.

BNB’s BTC-tied high came after a period of strong performance that played out over the past several weeks.

As can be seen in the table below, BNB has significantly outperformed the market leader and world’s largest cryptocurrency bitcoin over the past 90-days, including a 35 percent increase in the past seven days alone when bitcoin rose just 5 percent.

BNB’s recent growth has catapulted it to become the world’s 10th largest cryptocurrency by market capitalization, which now registers $1.33 billion, according to data from Coinmarketcap.com.

While BNB may be the only well-known cryptocurrency to hit a new record of sorts, it has not been the best performer.

Data from OnchainFX reveals three cryptocurrencies have outshined BNB in the past seven days including ARK, Dentacoin, and Theta Token who have printed gains of 35 percent, 43 percent and 43 percent, respectively, against the US dollar.

Disclosure: The author holds BTC, AST, REQ, OMG, FUEL, ZIL, 1st and AMP at the time of writing.

Binance phone image via Shutterstock

https://www.coindesk.com/binances-bnb-token-hits-all-time-high-in-bitcoin-value

You may be interested

Nearly Half of Millennials Trust Crypto More Than US Stock Market: Survey
Crypto News
22 views
Crypto News
22 views

Nearly Half of Millennials Trust Crypto More Than US Stock Market: Survey

btcethereumadmin - February 19, 2019

Image: Cryptocurrencies, GoodFreePhotos Nearly half of millennial online traders have more trust in cryptocurrencies and crypto-assets than the US stock…

Countdown Restarts Tomorrow for SEC Decision on CBOE-VanEck Bitcoin ETF
Bitcoin
56 views
Bitcoin
56 views

Countdown Restarts Tomorrow for SEC Decision on CBOE-VanEck Bitcoin ETF

btcethereumadmin - February 19, 2019

The U.S. Securities and Exchange Commission (SEC) may make an initial decision on not one, but two different bitcoin exchange-traded…

Funds in Short Positions on Bitcoin Drop to 6-Month Low
Bitcoin
26 views
Bitcoin
26 views

Funds in Short Positions on Bitcoin Drop to 6-Month Low

btcethereumadmin - February 19, 2019

The amount of money allocated to short bets against bitcoin fell to a more than 6-month low during Tuesday’s trading…

Leave a Comment

Your email address will not be published.