Binance Coin Price Raises But the BNB Token Finds Selling Pressure Above $19 USD
Binance Coin (BNB) has been one of the best performing digital currencies this year and since it bottomed back in December 2018.
The digital asset that is used in the Binance platform has reached $19 but it seems that it found a large selling pressure at this point.
Binance Coin Reaches $19
After several weeks of registering a price increase, Binance Coin seems to be finding some selling pressure above $19. This is the first time that the digital asset faces this selling pressure since it bottomed in December 2018.
At that time, Binance Coin was traded close to $4.5 and now it has surpassed $19 in two different occasions in the last month. The first time, Binance reached $19 it was at the beginning of April and after it, the digital asset fell under $17. Now it has tried to touch $20 but it was immediately rejected.
Binance Coin has been experiencing different situations that allowed the digital asset to increase in price. One of them is related to the Binance Launchpad and Initial Exchange Offerings (IEOs).
Users were purchasing the coin to participate in the IEOs offered by the platform. Nonetheless, due to price volatility before and after IEOs, the exchange decided to implement a new policy in which users will be able to participate on Binance’s IEOs according to the number of coins they had in a 20-day period.
At the same time, Binance Coins will be burned due to the fact that the exchange buys 20% of its profits in BNB coins and take them away from the market. This reduces the overall number of coins and increases the chances for Binance Coin to become more valuable in the future.
Currently, each Binance Coin can be purchased for $18.89 and it has a market capitalization of $2.66 billion. In the last 24 hours, the digital asset has lost over 5% of its price, more than any other top 10 virtual currency and after Bitcoin SV (BSV) among the top 20.
Although Binance Coin has found a strong resistance close to $20, the digital asset could soon surpass its all-time high at around $22.
Live Bitcoin (BTC) Price:
1 BTC/USD =$23,949.6416 change ~ -1.75%