Tag Archive : Tokens

Binance Leads its Way While BNB Still Undervalued

Binance Leads its Way While BNB Still Undervalued

Analysis has illustrated that Binance’s native token, Binance Coin (BNB) is undervalued overall while Binance, the largest spot cryptocurrency exchange in the world still leads its way.

BNB initially issued as an ERC-20 token on the Ethereum platform. The initial total supply of BNB was 200 million coins, but due to the continuous coin burn, the supply is gradually decreasing.

Binance has conducted 12 token burns till now. The recent burn, the biggest burn ever recorded and has taken away about $60.5 million worth of BNB.

This burn mentions trading activity across Binance spot, margin, and futures exchanges, various portfolio projects, and ecosystem partners that use BNB.

BNB Burned, % of supply, USD value and Price of 12 BNB Burned

BNB Still Undervalued

As data from Coinmarketcap, BNB is presently the 8th largest cryptocurrency. with a total market capitalization of $3.2 billion. In the mid-February BNB price surged to $26, with gains of around 100% since the beginning of the year. Then the price dropped to around $9.

On September 2, the BNB price spiked to $25 but less than the February price increase. Once again the price started to drop. In the last 24 hours, BNB is at $22.42 with a trading volume of over $622 million. The price has risen by 2.79%.

Price of Binance Coin (1 year)

Binance Stays on Top

In Q1 of 2020, Binance offers 218 tokens and 616 trading pairs. Binance Savings products offered for 30 tokens, whereas Binance Staking supports 23 tokens. The exchange grows the Binance Angels roster to 200+ international angels.

Binance Futures offers 32 perpetual contracts, along with two Binance Quarterly Futures contracts. Binance DEX has 132 trading pairs.

Binance’s CEO, Changpeng Zhao, became the wealthiest Bitcoin Billionaire in 2020 with the estimated net worth of $2.6 billion. In a tweet, it was mentioned that Zhao tops 6 Bitcoin Billionaires in Hurun global rich list 2020.

Moreover, Binance has also gained a wide range of users which is over 2.4 million on their social media pages. It has also continued to build more features, fiat gateways, new supporting languages, etc.

Blockchain.com Adds Support for ALGO Token

Blockchain.com, a provider of cryptocurrency products has extended its support to Algorand (ALGO), a Proof-of-Stake (POS) blockchain.

Blockchain.com Product Manager Amadeo Pellicce said,

“We are excited to add support for ALGO not just so that our customers can buy and sell the token, but also because it exposes more people to an advanced, high-powered and truly original crypto network.”

Blockchain.com has also launched Algo trading API in Jan 2020, for cryptocurrency traders to access the fastest matching engine and deep liquidity in crypto on the Blockchain.com Exchange using automated trading algorithms.

Algorand’s maximum supply is limited by 10 billion ALGO tokens with a circulating supply of over 770 million. The project also provides support for staking that allows holders to earn income (5% APY) by securing the blockchain network.

Algorand Foundation also partnered with Circle, a crypto-focused fintech firm in June 2020, to bring fiat-supported USD Coin (USDC) to Algorand blockchain. 

As a result of the partnership, clients of  Circle APIs and Circle Business Accounts can move funds and can move assets between traditional banks and card networks on the Algorand blockchain. Clients can also manage accounts and payment activity through Circle APIs.

Algorand is a public cryptocurrency protocol and blockchain that aims to deliver decentralization, scale, and security for all participants, its native currency is ALGO. Founded by Silvio Micali, a Turing award winner, and MIT professor.

On the other hand, Blockchain.com is a popular place where users can securely buy, sell, and store Bitcoin, Ethereum, and other top cryptocurrencies. It has steadily expanded its user base and trading volumes, while consistently releasing new features and assets.