Binance coin (BNB) – Can Binance coin rise more after rising 352% YTD?

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Most of the cryptocurrencies have been rising in recent times. There are however a few which are rising from the very start of this year. One such cryptocurrency is Binance coin (BNB). At the beginning of the year, it was trading around $ 6.19. Currently, it is trading around $ 28. It indicates that 2019 has been a great year for Binance coin (BNB). It is one of the best cryptocurrency performers for the year. The question which remains is whether can participate in the current rally as well. If it can participate in the current rally, how high can it go?

Can Binance coin rise more after rising 352% YTD?

When you look at the year-to-date performance of Binance coin, you will realize that it has risen by more than 352%. It is a stellar return by any means. Moreover, when you look at the performance of other cryptocurrencies which have been rising recently, you will realize that none of them has provided such a stellar return. The massive return, however, is also fuelling doubts as to whether Binance coin (BNB) can rise any further or not. In order to answer this question, you first have to understand what is fuelling the rise of Binance coin.

The revival of cryptocurrency exchanges:

With the rise in cryptocurrencies, it is expected that the volumes will also increase with the cryptocurrency exchanges. Binance is one of the most famous cryptocurrency exchange. Any increase in volume will mean that the profits of Binance also go up. It is one of the primary reasons why Binance coin is consistently increasing. There are hopes that the volumes will be revived and hence, it will be possible for exchanges to report higher profits.

Decentralized exchange:

Binance is already working on creating a decentralized exchange. The trials for the same are currently on as well. It means that there is a new hope of growth for the cryptocurrency exchange. In anticipation of the decentralized exchanges well, Binance coin (BNB) is consistently rising as well.

How high can it go?

You need to understand that after a rally of 352%, it can indeed take a breather. However, in most of the cryptocurrency exchanges, the volumes have increased more than threefold. It means that profits have also increased more than threefold. The fact that the cryptocurrency prices are always ahead of their times, Binance coin (BNB) can rise even more. While it might be very risky for you to invest at these levels, but that does not mean that there is no potential in Binance coin. The revival of the cryptocurrencies will once again lead to the revival of the cryptocurrency exchanges which can propel Binance coin (BNB) even higher.

About Riddhi 224 Articles
I am an electronics engineer and follow the crypto space closely.

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