Binance Coin Trading Update: 3 Reasons Why BNB Can Visit $21

As of recently, the team at Binance completed one of the largest coin burns of Binance Coin (BNB) to date, releasing a whitepaper in which they outlined the plans to enable smart contracts. In today’s Binance Coin trading update, we are listing three interesting reasons why BNB has its eyes set on erasing all of the losses it experienced in March.

Back in December of 2018, we reported that Binance Coin (BNB) was one of the coins which every long-term investor should have on their radar. Back then, the coin was valued at approximately $4 and in March 2019, things changed as BNB broke records and arrived to a value of $39.70 in June of 2019.

In the past weeks, we have also been analyzing the Binance Coin news and can now see that there are three major reasons to be bullish on this coin. Below, we are listing all of them.

Binance Coin Trading Update: Why Can BNB Rise By 50% Soon?

First of the three reasons is the fact that the Binance Chain community recently released a whitepaper outlining the entire implementation of Smart Contracts on the blockchain. The new feature will obviously turn Binance Chain into a network similar (or better than) Ethereum). The document explains why smart contracts were the next step of evolution on Binance Chain.

Second of all, we can see that a few hours ago, the team at Binance carried out one of the largest coin burns in history of crypto. The Binance news show that this was the 11th quarterly coin burn at the exchange and a total of 3,373,988 BNB were forever removed from circulation. This is an equivalent of $52.466 million in BNB. As we can see, the price of BNB responded immediately and posted new gains.

The last reason why BNB could go up in our Binance Coin trading update is the reduction of all BNB which was completed today. In a hypothetical situation and using the current market cap of $2.6 billion, if the reduction to 100 million BNB was completed today, BNB would have a value of $25.40. So, there is stillroom to grow for BNB at its current value of $16.27.

All in all, our latest Binance Coin trading update shows that the current value of BNB has room to grow, and the resistance is at $17.52, $18.5 and our target value of $21.