The native token of the Binance Smart Chain network is now trading at $500. BNB has been improving over the last couple of weeks along with the altcoin market despite the regulatory scrutiny Binance is facing all over the world. BNB has rallied over 64% in the last 4 weeks from trading at $304 to currently stand at $500.
This price point has not been seen since the crash that happened in May 2021, which sent BNB from an (ATH) all-time high of $690 to a very low price of $262; a 62% decline. The cryptocurrency market capitalization is also up by 2.44% to currently stand at $2.16 trillion as of the time this article was published.
Stats shows bulls have mixed feeling over BNB’s future given Binance’s regulatory troubles and the new mandatory KYC policy that was announced just last week. This is why many have taken more interest in Solana’s native token SOL; a competing smart contract platform, which reached an ATH of $81.81 only three days ago.
BNB’s market capitalization is at approximately $84 billion right now. The altcoin is ranked 4th by market capitalization as Cardano’s ADA flipped BNB for the 3rd spot on news of its smart contract launch.
However, Binance seems to be facing a lot of regulatory pressure which has caused the platform to shut down derivatives trading for its Hong Kong and European clients. On August 18, De Nederlandsche Bank, the Netherlands’ Central Bank, issued a warning to Binance after concluding that the exchange offered crypto services to local residents.
The authority claimed that the company is not acting in compliance to the country’s Anti-Money-Laundering and Anti-Terrorist-Financing Act. Since then, Binance has tried to be more regulatory complaint. The firm made big moves in order to improve its regulatory team by 500% since last year and has plans to improve the team by another 1000% before the year ends.
Experts are quite confident that BNB will only grow further. Some believe that BNB will reach $1,000, and even exceed that number, by the end of 2021. Others argued it will take longer, perhaps 5 years or so. That being said, it seems almost certainly that BNB will keep going up. Most experts believe it is a wise investment. The choice is yours because cryptocurrencies are and will always be volatile. No one can ever really be certain about what will happen.
How high BNB can go is anyone’s guess, but predictions are certainly very favorable at this time.
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