Binance Coin

As I got some free time and think its a cool project I thought I would give my opinion on CZ's Binance coin and exchange. Binance as an exchange has taken the crypto currency world by storm in all honestly, since launching in 2017 its hit new heights and currently sits in the top ten exchanges for 24 hour volume. While seeing the number of coins and tokens exchangeable go from 5 to 75+ within the same time period.

They have listed their own token, the Binance coin which offers the option to obtain a share as such of the company. I felt the need to highlight this coin as its something I am holding and looking to acquire more as time goes on. It has already risen 6 fold in value since January and while it has dipped as Bitcoin obtains further market dominance it hasn't fallen to pieces, and continued to release more Initial Coin Offering to keep volume and interest high in the exchange and coin.

They also focus on the importance of coin burning throughout the first 2 years, meaning supply of the coin will decrease, falling from 200 million to 100 million once the final burn has taken place. By keeping this cycle throughout the first few quarters I feel it does keep the interest and engagement. A coin burn has recently taken place and with a market cap of $4bn there is completely room to grow.

Yet with the issues surrounding Binance trading in the US and thus the need to change this platform for the United States the party has been brought to a slight halt. But as can be seen below on the chart with the coin measured against bitcoin it looks to have found support and is beginning to regain much of the lost ground.

This is an interesting project and with the markets focus on bitcoin at the moment due to its increasing value over the last months the Binance token could be something worth looking into and potentially obtaining if bitcoin cools off again going into the final quarter of 2019.

Peace.

TradingView, 2019.