Reasons Why BNB Coin Prices Are Rising, Check Here So You Don't Get Coupled!

Bittime - Binance coin (BNB) experienced a drastic surge and set a new record high. In five consecutive days, BNB rose to reach $712 (Rp. 11,392,000), giving it a market capitalization of more than $104 billion (Rp. 1,664 trillion). With this achievement, BNB becomes the fourth largest cryptocurrency in the world after Bitcoin, Ethereum and Tether.

Why is BNB Coin Rising?

There are several factors that make Binance Coin continue to experience an unstoppable rise.

1. Market Optimism Against Bitcoin

First, analysts are starting to be optimistic about Bitcoin and other cryptocurrencies. Mike Novogratz, in his statement on Tuesday, said that Bitcoin could soar to $100,000 (Rp. 1.6 billion) by the end of this year. According to him, this rally will be confirmed if Bitcoin exceeds this year's highest price of $73,800 (Rp. 1.18 billion).

2. Crypto Regulations Are Starting to Get Clear

Second, the crypto industry is gaining regulatory clarity as the US Congress considers several crypto-related laws. If this law passes, many large banks such as Goldman Sachs and JPMorgan will be free to offer crypto custody solutions.

3. Crypto Trading Volume on Binance Increases

Third, the surge in trading volume on the Binance platform also pushed up the BNB price. Data from CoinMarketCap shows crypto trading volume in the last 24 hours jumped almost 20% to more than $92.5 billion (Rp. 1,480 trillion). Binance handles more than $20.4 billion (Rp. 326.4 trillion) of spot volume and $58 billion (Rp. 928 trillion) of derivatives volume.

4. Good Performance of BNB Chain

Apart from that, the BNB Chain ecosystem is also showing good performance. Data from DeFi Llama shows that the network's Total Value Locked (TVL) has jumped to more than $7.8 billion (Rp. 124.8 trillion). The number of stablecoins in this ecosystem has also increased to more than $5 billion (Rp. 80 trillion).

The largest networks in the Binance Chain ecosystem include PancakeSwap, Venus, Solv Protocol, and TokenFi. PancakeSwap handled more than $416 million (Rp. 6,656 trillion) in crypto volume in the last 24 hours.

BNB Price Breaks New ATH

The BNB token price hit a record high as Changpeng Zhao reportedly went to prison to serve a 4-month sentence. Thus, there is a high probability that he will come out of prison with greater wealth than before.

Even so, it is not clear how many BNB tokens he owns, but Bloomberg estimates his wealth at more than $38 billion (Rp. 608 trillion).

Conclusion

Thus, a combination of market optimism, regulatory clarity, increasing trading volume, and strong BNB Chain ecosystem performance are the main causes of this new record-setting BNB price spike.

Cara Beli BNB Coin (BNB) on Bittime

You can buy and sell BNB Coin (BNB) in an easy and safe way on Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.

BNB Coin (BNB) available on Bittime with market pair BNB/IDR. To be able to buy BNB IDR Of Bittime Make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Study Complete guide on how to buy BNB Coin (BNB) on Bittime.

Monitor graphic movement harga BNB Coin (BNB), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.