One after another, cryptocurrencies like Bitcoin and Ethereum have been breaking out and above their former all-time highs, causing a surge of FOMO and price discovery to follow. The latest coin to do so, is exchange token Binance Coin (BNB), which has now set a record for its largest monthly candle – dollar for dollar – in its short history. Here’s a closer look at a price chart that is surely a sight to behold.
Binance Coins Sets Record For Largest Monthly Candle, Dollar For Dollar
Binance Coin is the latest altcoin to see double-digit growth in a single monthly candle, rising 350% since the February open. The current monthly candle is now the second-largest ever in total percentage climbed, but in terms of total dollars, this monthly candle is the largest on record.
The monthly close is still ten days away, so anything is possible, but currently the massive monthly candle is as bullish as it gets for Binance Coin. This latest push comes after a solid monthly close last month above the asset’s former all-time high.
Related Reading | Forget 2021, Here’s How High Crypto Prices Can Go By 2026
The close above $44 caused enough confidence that a breakout was here for bulls to push the price per BNB token to $199 each.
The rise is reminiscent of the late 2017 altcoin season, which led to the crypto market ultimately topping in early 2018 – some three years ago almost to the date.
Dollar for dollar, this is the largest candle and Binance Coin history | Source: BNBUSDT on TradingView.com
BNB Triples With Breakout, Unseats Ripple Thanks To New User Growth
During late 2017 and early 2018, the surge of users rushing to buy altcoins at the exchange caused the budding user base to surge. Binance was among the first exchanges to debut a native exchange token, Binance Coin. The platform has been an innovator in the space ever since.
BNB can be used to reduce trading fees on the exchange, among many other benefits. Because of its utilization on the exchange itself for several reasons, along with token burns and more, Binance Coin is among the few altcoins with actual value and use case currently, making it even more attractive than most other coins in the top ten.
Related Reading | Altcoin Season Is Here: “Buy Crypto” Surpases Bitcoin Searches On Google
Binance Coin’s rise also helped it beat out XRP, for the sixth overall rank in the top ten cryptocurrency by market cap.
The current altcoin season and surging interest in crypto has benefitted Binance, and in turn, Binance Coin and holders of BNB. And if this monthly candle is anything to go by, this is only just the start.
Featured image from Deposit Photos, Charts from TradingView.com
Credit: Source link