Market Analysis

BNB coin adds 20 percent to its value due to a digital currency adoption promotion

BNB coin adds 20 percent to its value due to a digital currency adoption promotion
Dec 5, 2018 by Rico Wise

The BNB coin has reached 6.00 USD in valuation before a slight correction to 5.85 USD, accounting for nearly 20 percent growth. There are a few explanations of how that came to pass. One possible reason may be the increased cryptotrading, witnessed as a result of including new stablecoins in the operations of Binance and the following attraction of new cryptotraders.

Another possibility might be the fact that BNB token is currently on the rally due to the news that Tripio has included the coin as a payment method to let 10 million clients of Binance make their reservations at 450,000 hotels all over the globe.

A third plausible reason might be that the cryptoexchange is ready to initiate the process of fulfilling its quarterly buy-back promise. The deal with BNB included that condition that they would utilize up to 20 percent of the exchange’s revenues, which are colossal, taking into account that Binance is the biggest cryptoexchange on the globe and is generally one of the biggest exchanges, responsible for more than half a billion dollars’ worth of daily operations.

Binance buys back up to 20 percent of its gains’ worth of BNB coins and then eliminates the tokens it bought back in accordance with its plans. The original amount of tokens generated equated to 200 million coins, with only 190 million tokens currently left at the moment. BNB coin is mainly available for cryptotrading at Binance, with some comparatively small amounnts of the currency being also traded at AirSwap, LBank, HitBTC and others.

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