Binance Coin (BNB) has been the gift that keeps on giving for investors, posting massive year-to-date gains that are unrivaled by any other major cryptocurrencies. BNB’s massive price surge has come about due to a seemingly constant influx of positive news regarding Binance’s platform.
The latest event that has proven to be highly positive for BNB is the launch of Binance’s highly anticipated custom blockchain that in many ways poses competition to Ethereum. The blockchain – which is aptly dubbed Binance Chain – will result in a migration of $3 billion worth of BNB being moved away from the Ethereum blockchain and onto the new Binance Chain.
A Flurry of Positive News Surrounds Binance
The exchange, which has a whopping 10 million users, is offering the crypto community and Binance Coin investors a seemingly constant stream of very positive news, which has allowed BNB to surge back towards its previously established all-time-highs that were set during the parabolic market surge in early-January of 2018.
In a tweet today, Binance DEX – the company’s decentralized platform – announced that the Binance Chain mainnet has been launched and that they will be executing their Mainnet Swap on April 23rd.
“Binance Chain launches its mainnet and plans to execute Mainnet Swap on Apr 23, 2019,” they noted.
.@Binance Chain launches its mainnet and plans to execute Mainnet Swap on Apr 23, 2019.
Please see the below link for further details on the actions that will occur along with the planned timings for them to do so. ???https://t.co/32hjBwkUcX pic.twitter.com/X9qAoXxYmc
— Binance DEX (@Binance_DEX) April 18, 2019
Many people have speculated that this new blockchain platform will pose competition to Ethereum and will ultimately help diversify Binance Coin’s use-cases while also increasing its utility.
This new blockchain, in addition to the launch of their decentralized exchange, have sparked a significant amount of excitement in investors and the crypto community as a whole, proving to the industry that crypto-focused companies can, in fact, advance by leaps and bounds regardless of the market conditions.
Moreover, the exchange also announced that they would be launching a fiat-to-Bitcoin exchange in Singapore at some point next week, which was another nugget of positive news that fanned the flame burning in the hearts of ardent Binance advocates and BNB investors alike.
"#Binance Singapore will come online in April. It will be our next Fiat to Crypto exchange servicing $SGD " – @cz_binance #deconomy2019 #Binance
— Binance (@binance) April 4, 2019
Binance Coin (BNB) Surges Towards All-Time-Highs
At the time of writing, Binance Coin is trading up nearly 12% at its current price of $21.87, up significantly from its daily lows of $19.40.
Today’s surge is just a small piece of what the cryptocurrency has witnessed over the past several months, as BNB has incurred consistent gains on a nearly daily basis ever since it sank to its 2018 lows of roughly $4.50 in mid-December of last year.
Binance Coin is now fast approaching its all-time-highs of $24.46 that were set during the height of the crypto market’s parabolic surge that was seen in late-2017 and into early-2018. BNB is the only major cryptocurrency to come this close to reaching its previously established all-time-highs, and many other cryptos are still trading down 80% or more from where they were in early-January of 2018.
As Binance’s latest efforts to expand their company and increase the utility of BNB continue to unfold, it is highly likely that the cryptocurrency’s price will continue to surge and will eventually set a fresh all-time-high, regardless of the state of the overall crypto markets.
Featured image from Shutterstock.
