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Binance Coin (BNB) Struggles to Set Fresh All-Time-Highs Despite Decentralized Exchange Launch

Avatar Cole Petersen 3 months ago

The world’s most popular cryptocurrency exchange, Binance, has been on a hot streak in 2019, delivering a deluge of positive news to the crypto community and Binance Coin (BNB) investors who have incurred massive gains in the past several months.

Today, the exchange announced the official launch of both their highly anticipated decentralized exchange – aptly named Binance DEX – in addition to their Singapore exchange that offers users an easy-to-use fiat onramp.

Binance Continues Pushing Ahead with Flurry of Positive Developments

Earlier this month, the crypto industry was abuzz with news regarding the launch of the Binance Chain mainnet, which is widely viewed as a competitor to Ethereum in that many cryptocurrencies can be built on top of it. Shortly after its launch, Binance migrated their BNB token supply away from the Ethereum blockchain and onto Binance Chain.

This news, which led Binance Coin’s price to skyrocket, is one part of a multi-faceted approach the company is taking in an effort to secure their position as one of the leading cryptocurrency exchanges in the world, and to further diversify the use-cases for BNB.

Today, the exchange announced that their highly-anticipated decentralized exchange has gone live with limited functionality.

Changpeng Zhao (CZ), the CEO of the cryptocurrency exchange, spoke about the launch of the platform in a recent statement, affirming that the goal of the platform is to offer users far greater control over their funds and assets than traditional, centralized, exchanges offer.

“We believe decentralized exchanges bring new hope and new possibilities, offering a trustless and transparent financial system. With no central custody of funds, Binance DEX offers far more control over your own assets. We hope this brings a new level of freedom to our community. We will work closely with projects and teams to grow the entire ecosystem,” he explained.

Moreover, the exchange also announced the release of their Singapore exchange that will allow users to utilize a fiat onramp to easily purchase cryptocurrencies.

Binance Coin (BNB) Drops Despite Recent Announcements

Although these announcements are certainly positive for the cryptocurrency exchange, BNB has dropped today, and is currently trading down over 2% at its current price of $23.90.

It is important to note that the cryptocurrency is currently trading just a hair below its all-time-highs of roughly $25.00, which was first set during the parabolic bull run the crypto markets experienced in late-2017, and then revisited just a few days ago.

While looking at the crypto’s year-to-date performance, BNB is currently trading up significantly from its 2019 lows of $5.75 that were set in mid-January.

Although BNB appears to be having some trouble decisively breaking above its all-time-highs, the recent flurry of positive developments, coupled with the improving market conditions, will likely allow BNB to set fresh all-time-highs at some point in 2019.

Featured image from Shutterstock.
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