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binance coin bnb crypto
Nexo Logo

Binance Coin Sets New ATH As New User Registrations Surge

Tony Spilotro by Tony Spilotro
2 years ago
in BNB
Reading Time: 3 mins read
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Binance Coin just set yet another new all-time high today, taking out resistance set back in 2019.

With the resistance level now cleared and potentially flipped to support, what are the likely targets for the native exchange token?

Binance Coin Breaks Out Alongside New User Surge

Binance made its debut just ahead of the last crypto bull market came to a conclusion. Bitcoin was quickly approaching $20,000 and altcoins everywhere were soaring.

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Because the young crypto exchange was known for the largest list of exotic altcoins, alt season was especially good to the budding brand.

Binance spent the entire crypto bear market building on its brand, and becoming an innovator and leader in the space.

Related Reading | Here’s The Line Separating Bitcoin Dominance From Altcoin Season

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The company introduced initial exchange offerings, and was among the first exchanges to introduce its own native cryptocurrency token, Binance Coin, aimed at reducing trading fees, offering voting power, and a variety of other benefits for holders.

As one of the few tokens with real utility and in active use today, it has held up well and was able to set a new all-time high in 2019. But after that peak was when the exchange was forced to spin off its US operations, and some of the platform’s dominance has since diminished.

IEOs mostly fell out of favor, which left BNB reeling for some time. But from the March 2020 low put in across all markets, Binance Coin is up a staggering 576%.

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Over the last few weeks as the cryptocurrency market picks up in steam and begins to catch up to Bitcoin’s enormous rally, new user registrations at Binance has begun to explode much like the last bull market.

Crypto Market FOMO Helped Restore Demand For Exchange Token

The more users on Binance taking advantage of their platform’s native exchange token has created more demand for the coin, and caused it to break through high timeframe resistance.

The first new peak was set weeks ago, but resistance from its former all-time high appears to now be holding as support, signaling that Binance Coin could make a measured move higher.

binance coin bnb

Targets for BNB could reach as high as $300 per token | Source: BNBUSDT on TradingView.com

Taking the height of the bullish base and applying it to the breakout, could make targets for BNB as high as $300 per token. And with demand at the exchange soaring and spilling into the platform’s native coin itself, the results could be dramatic.

Related Reading | Robinhood Reminder: Not Your Keys, Not Your Bitcoin

Binance, like Coinbase and other platforms, have suddenly risen the ranks of the Apple App Store for iPhone. Last week at the height of the GameStop and Robinhood saga, Binance and its US counterpart app both made the top ten in “free apps.”

Featured image from Deposit Photos, Charts from TradingView.com
Tags: altcoinBinanceBinance CoinBNBcrypto
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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