Binance Coin has had a stellar performance since the beginning of 2019. Up more than 315 percent since January 1. BNB has managed to surpass its former all-time high values from January 12th, 2018.
The First to Breach Former USD ATH
As Bitcoinist reported earlier this week, Binance Coin is one of the top performing cryptocurrencies, having a breakout year against Bitcoin.
BNB 00 continues its surge not only against BTC, but also against the US dollar. The cryptocurrency managed to become the first one to soar past its former ATH value against the USD which was achieved back in January 2018 – right around the peak of 2017’s historic bull-run. Back then, BNB was trading at $24.46.
Against BTC, Binance Coin is also doing splendidly, again surging to another ATH.
At the time of this writing, BNB is up around 13 percent in the last 24 hours alone.
Reasons For BNB’s Surge
It’s safe to say that there is more than just one reason for BNB’s strong performance throughout 2019. So let’s take a look at a few of them.
Binance Coin’s main purpose was to allow traders to receive significant discounts on trading fees when using BNB to pay for them.
According to the official whitepaper, those who use BNB to pay their fees will receive a 50 percent discount in the first year, 25 percent in the second year, 12.5 percent in the 3rd year, and 6.75 percent in the fourth year. This applies to exchange fees, withdraw fees, listing fees, and any other fees on Binance.
The initial supply of BNB was set to 200 million. However, the Malta-based exchange has said that it will be destroying the BNB equivalent of 20 percent of their quarterly profits until 50 percent of all coins are burned,