Most cryptocurrency traders have high expectations for BNB. It is widely believed the Binance Coin price will see a massive surge pretty soon. |Justifying that sheer optimism is not as cut-and-dried as one might think. Albeit there is some good news, everything stands or falls based on Bitcoinâ€™s momentum. Right now, the worldâ€™s leading cryptocurrency doesnâ€™t offer too much hope just yet.
The Binance Coin Price News
One recent development can push the value of BNB higher. Earlier today, parent company Binance made an important announcement. The company confirms its new open blockchain project is ready for use. It will go by the name of Venus. Its purpose is to develop and deploy localized stablecoins and digital assets pegged to fiat currencies. Rumors regarding this business venture have circulated for many months. Until today, there was no real indication such a plan would be put in motion in 2019.
This is not Binanceâ€™s first stablecoin venture. The native Binance Chain services a growing range of assets. There is the Bitcoin-pegged stablecoin BTCB, as well as Binance BGBP Stable Coin pegged to the Pound Sterling. Which new currencies and assets Venus will offer, remains unclear at this time. It is another example of how Binanceâ€™s own ecosystem will be strengthened moving forward. Traders and speculators expect this to reflect positively on the Binance Coin price. So far, it has seen a minor jump, but nothing overly exciting just yet.
The Bull Trend Claims
In the cryptocurrency world, a bull trend is always welcome. It usually leads to a noteworthy increase in value for a specific asset. For Binance Coin, traders expect a lot of big things to happen. Making these visions come true, will be a different challenge altogether. The market is predominantly dictated by Bitcoinâ€™s price momentum. Despite a small bump forming, it too lacks conviction at this time. That situation will remain subject to change for the foreseeable future. Anything can and will happen in the cryptocurrency industry, given enough time.
Trader AzizKhanZamani seems to expect pretty big Binance Coin price gains. In his opinion, there will be a few price shifts in the coming weeks. This should eventually push the BNB value as high as $34 by early September. A rather optimistic view, but not an impossible one. The all-time high BNB price of $39.5 might not be reached for a little while longer, though. Reaching that level will require a steep 30% increase in price.
Trader Falbik seems to think along the same lines. He predicts a new Binance Coin price all-time high to materialize before September. The bulk of this price action will take place in the next few days. With the Venus launch, as well as other upcoming developments, there is genuine excitement among community members. Such optimistic price expectations are difficult to sustain, however. Markets as volatile as most cryptocurrencies will hardly ever see such steep value jumps these days.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.
The post Traders Expect Bullish Binance Coin Price Trend Following Venus Announcement appeared first on NullTX.
Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.
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