The Binance ecosystem is on fire. The native coin, $BNB, is currently teetering between $574 and $575 and the ICO for the bep-20 store-of-value asset, Bitnance, has just passed 60,000 at presale. It appears 2024, could be a breakout end for Binance exchange, BNB Chain, and derivatives as the year ends.
The $BNB coin is currently priced at $574, up nearly 4% on the day. On the week, it’s in the green nearly 10%, continuing a bullish trend as other networks struggle.
Per chart analysis, signals show that this bullish trend could continue through next week. If Binance Coin pierces $585, traders can expect to see it reach $590.
BNB Coin To $640 Soon
However, the critical level for Binance exchange’s native coin is actually $600. If the bull cycle can pierce this ceiling, it’s likely to pop and break out to a price of $640, giving today’s holders another 11.4% profit yield.
These signals are causing many to jump back into the bep-20 network, especially because the BNB-Chain has also seen the launch of a presale for a debuting store of value assets.
The Bitnance (BTN) Token ICO is alive and thriving via Bitnance.net. Just surpassing 60,000 tokens sold, this is a Bitcoin alternative for traders using the BNB-Chain [blockchain] that saves money.
How Does Bitnance (BTN) Save BNB-Chain Users Money?
In layman’s terms, the $BTN is set up to rival $BTC, being produced at an even scarcer token supply rate. Only 10 million tokens will be minted of Bitnance, versus Bitcoin, which will cap its supply at 21 million coins.
Bitnance is a layer-2 cryptocurrency that will operate on the Bitnance Blockchain [BNB-Chain], absorbing all its benefits. The $BTN token will be able to handle more transactions while completing them faster and is generally more secure for traders.
More importantly, Bitnance will cost traders less to buy and sell. Transaction fees for the $BTN token are expected to average 80% less than those of $BTC.
The drastic cut in transaction fees means a trader who stores their wealth in Bitnance will pay $20 in fees whenever a Bitcoin investor is paying $100; this for the exact same buy or sell transaction total.
The new ‘Bitcoin of the BNB Chain” is also speculated to be a reason traders are buying the Binance coin at such high rates currently. The SOV token is helping invigorate interest in the BEP-20 and BEP-2 networks, which lost a lot of steam after losing its CEO Changpeng ‘CZ’ Zhao.
Updates on Former CEO Changpeng ‘CZ’ Zhao
CZ, who’s been serving a short prison sentence that most, if not all, speculators found to be unjust, was just moved to a halfway house and will soon be free once again. However, the US government has effectively removed him from owning the world’s biggest crypto exchange and top blockchain, replacing him with their own ‘head chairman.’
Apparently, Binance wasn’t the problem, it was just the US government wanted someone else to run it — too much power.
In a secondary new topic, 3 traders from Binance exchange are pursuing Zhao in a class action lawsuit because their cryptocurrencies were stolen; citing Binance.com didn’t prevent money laundering. Stolen funds were sent to Binance from somewhere else, making the stolen cryptos untraceable aka ‘decentralized.’
This class action is clearly without merit, as the fundamentals of cryptocurrency are decentralization and privacy. A trader can be made aware of this by reading any website to use crypto.
However, it appears that ‘passing the blame’ to CZ may be an ‘out’ for some traders who made unwise decisions, rather than holding themselves accountable for a lack of security in their own computer(s) or simply making an unwise acquisition.
Binance ETF
Nonetheless, CZ’s issues no longer affect the Binance exchange, BNB-Chain, or BEP-20 token trading. If a Binance ETF approval comes in the near future, traders could see the BNB coin break $1,000 for the first time.
With the US government taking control of the brand’s leadership position, installing Richard Teng as the new CEO could lead to approval in the near future. Though many are unsure of the possibility of this happening, financial institutions have already noted interest in being included in the native coin of the world’s top crypto exchange.
However, the BNB continues on an upward trajectory. The bullish cycle could end with the token reaching a price slightly over $640 in the coming weeks, but the stability of the overall crypto market influences the course of the price.
The Bitnance (BTN) token is currently in presale but has a +30% ROI to be generated on its listing day. It’s currently priced at $0.357 and could go up after a certain amount of tokens have been sold; a round 2 or 3 is normal in Initial Coin Offerings, escalating the token prices with each phase.
A wildcard crypto prediction for the long-term value of the $BTN token is set at just over $46. This would be over a 12,000% increase in the price of the bep-20 cryptocurrency, a BNB-chain-based rival for Bitcoin.
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