Binance Coin Price (BNB) Soars to an All-Time-High as Demand for the Digital Currency Continues to Rise

Major Signals

• Binance is trading at $46.90
• Binance 14th burning yoken is taking place simultaneously with the coin rise
• Binance is targeting the $100 price level

BNB price was able to hit a new all-time high at $46.90 on January 18 after a long grind that started in March 2020. The digital asset has been trading inside a healthy and robust uptrend and could rise even higher.

The price remains above the 25-day and 15-day exponential moving averages (EMA) while the momentum indicator is above the neutral level of 0.

BNB’s new price record is happening at the the same time as its. burn token. The burn token is a quarterly event described in the token’s white paper, when it goes through a burning process where it buys and destroys BNB worth 20% of the company’s quarterly profits. So far, there have been 13 events.

Many investors believe that burning tokens has a positive effect on price as the supply is reduced and this is supposed to motivate investors to hold their tokens instead of selling them in the market every time the cap is reached.

That said, the most interesting metric in favor of BNB is the number of whales that have entered the network in the past week. Despite Binance Coin hitting new all-time highs, the amount of whales holding between 100,000 and 1,000,000 BNB ($4,600,000 and $46,000,000) has increased by two.

The BNB price rally has happened for several reasons. First, Binance is one of the most recognizable names in the cryptocurrency industry. As such, many investors believe that it is a genuine product.

Second, there have been supply challenges recently because of what is known as a token burst. This happens when there is a permanent removal of coins. Third, the Binance Chain has launched smart contracts that will enable the development of DeFi products. In fact, the cross-chain assets in the chain have moved to more than $250 million.

Therefore, in our view, we believe that the currency will continue rising as bulls start targeting the psychological level of $50. And you can