Binance CEO Changpeng Zhao praised BNB, the native token of Binance’s ecosystem. Because BNB has reached a new high against Bitcoin, the largest cryptocurrency by market cap. Here are the details…
Binance CEO praises BNB
BNB managed to reach a new high against Bitcoin, the world’s largest cryptocurrency. Earlier on Thursday, the cryptocurrency hit a new high of 1,335 satoshis. BNB outperforms Bitcoin despite its sense of risk aversion. The BNB/BTC pair is now 64 percent higher than the May 12 low of 812 satoshis. BNB remains the fifth largest cryptocurrency by market cap. It’s currently worth $49 billion. The cryptocurrency is currently trading at $304.
Also, Changpeng Zhao claims that he only controls the price of the token when someone texts him within a week. AmkNews.com As we have also reported, BNB experienced a great rise in October-November last year. At the height of the 2021 bull run, the crypto’s market cap has soared to over $101 billion. According to CoinGecko data, the BNB token is currently down 55.60 percent from its record high. However, Binance’s native token managed to outperform both Bitcoin and Ethereum during the ongoing bear market.
BTC and ETH are down 66.48 percent and 66.03 percent, respectively, from their record highs in the bull market. Still, there is a cloud of legal uncertainty over BNB. The U.S. Securities and Exchange Commission (SEC) allegedly launched an investigation to determine whether the token is truly an unregistered security. However, Binance co-founder Yi He emphasized in a recent interview that BNB is not a security token. Rather, it claims to be a utility token that supports the entire ecosystem.
What does other data show for BNB?
Meanwhile, data from Material Indicators records an increase in buying pressure for the token over shorter time frames. Expert Reynaldo Marquez, who claims that individual and medium-sized investors are jumping into BNB, points out that the cryptocurrency is trying to turn $300 into support.
Additional data shows that demand liquidity for BNB/USDT trading pairs dropped between $300 and $320, recording a high volume of sell orders. There are over $2 million in demand orders at these levels and there is a lot of potential for price volatility. Because the order book records liquidity gaps between higher levels.
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