![]() ![]() Taking early advantage of the growing ICO craze allowed Binance to position itself as one of the leading exchanges, and it’s remained so ever since.ĭuring 2018, although the total crypto market cap shrank dramatically, Binance continued to expand its presence and began developing a more complete ecosystem. Quarterly ICO Round Counts and Dollar Amounts for 2017īinance was one of the first large exchanges where people were able to register to the platform using only an email address and gain instant access to a wide variety of tokens. Because the number of ICOs which were launching increased dramatically, the hype and demand for a larger variety of cryptocurrencies also increased dramatically. In the fall of 2017, Binance was able to become the biggest exchange by trading volume by being accessible to a very large number of interested crypto asset investors and traders at a time when interest was approaching all-time highs. So, what events contributed to Binance’s current success, and where are they now? This difference in price could be due to BNB’s regular coin burns, and its increased utility within the growing Binance ecosystem. The divergent correlation is uncommon among most crypto assets, which have a history of closely tracking Bitcoin’s price. Throughout 2019 and into 2020, BNB deviated from Bitcoin’s price trend. Binance vs Bitcoin ChartĪs a result, Binance was one of the best performing top 10 market cap coins, and even with its post-June decline in price, it generated exceptional returns for investors. Since its creation, the BNB token has functioned as a way to pay fees on the Binance exchange, offering discounted rates for traders.ĭuring 2019, BNB rose from just under $6 per coin in January, reaching a peak of over $37 in June, before declining over the remainder of the year to its current price. The Binance coin(BNB) is at the heart of Binance’s system and has a total market capitalization of about $62.5 billion as of February 2022 – in the top 10 cryptos by market cap.īNB was originally created as an ERC20 token on the Ethereum blockchain, but the BNB token is now the basis for Binance’s decentralized exchange ecosystem, the DEX, which we’ll discover later.
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