The digital currency Binance “BNB” is flying high and rising by 154% in a week
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Answer The digital currency Binance “BNB” is flying high and rising by 154% in a week
The digital currency Binance “BNB” drew attention to it this week, after an accelerating rise and reaching the level of $ 100, then breaching it and reaching up to $ 134 in the last 24 hours.
Yesterday, at the same time as this article was published, the price of the currency was estimated at 92 dollars, bringing the price of the currency today to 134 dollars, and then the temporary stability is currently at 129 dollars.
That means a 45% increase in the last 24 hours.
By comparing more time, i.e. exactly a week ago, on February 3, we find that the price of the digital currency Binance “BNB” was estimated at $ 50.83, meaning that the price of the currency rose by 158% to reach its current level, which is a very high rate in a short period of time, the founder of Binance commented about it And its CEO “CZ” as the beginning:
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#BNB the start. pic.twitter.com/7UCTTawlOo
– CZ 🔶 Binance (cz_binance) February 9, 2021
The recent increase in the price of the digital currency Binance “BNB” pushed the total market value of the coin to be estimated at $19 billion, and it is ranked seventh in terms of the largest coins in terms of total market capitalization.
As we mentioned earlier on the Arab Bitcoin website, the cryptocurrency exchange Binance burns Binance cryptocurrencies once every three months to reduce the overall supply.
This results in an increasing scarcity of the currency and can raise its price to higher levels due to the contraction of supply in front of demand.
The most recent burn from Binance was on January 19th which is the biggest to date.
Binance completes the largest burning of the digital currency BNB … Details here
On that day, Binance destroyed a total of 3,691,888 BNB, which was then worth $165.8 million.
Today, these destroyed coins are valued at about $476 million at today’s prices.
The CEO of Binance “CZ” commented about the burning process by saying:
Read:Was the big bitcoin price hike last year just caused by investor enthusiasm
Although that’s an impressive amount for a three-year-old startup, it would take around 27 years on average to finish the burn.
So, we thought it was time to speed things up a bit.
He added:
In the future, the size of the burn will not depend on the quarterly revenue of the Binance platform, as it was before.
Notably, over $200 million in USDT stablecoins were transferred to the crypto exchange Binance over the past weekend, with BNB price jumping 25% in that time.
Read also:
Five reasons why Bitcoin reached the level of 48 thousand dollars … get to know them
The Arab Bitcoin Channel for buying and selling digital currencies – video explanation
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