The year 2021 has been a great one for crypto markets as various currencies hit ATH and are still bullish. The chances of this Alt Season continuing is very high as more projects are showcasing amazing results in the crypto ecosystem. One such project is Binance and its native currency Binance coin (BNB).
Binance is the World’s largest Cryptocurrency exchange, with Billions of worth of crypto transactions taking place. BNB is the native currency to pay the platform fee and also as a currency for trade.
BNB is the third-largest currency according to CoinMarketCap and by far one of the Altcoins experiencing a tremendous surge.
Recent developments in the company, such as Former SEC Chairman Jay Clayton joining the Advisory board of Binance, has induced trust in the investors. The CEO of Binance, Changpeng Zhao, shared the news on the Mirco-Blogging platform, Twitter.
» Former SEC Chairman Jay Clayton joins crypto advisory board https://t.co/WeDe5LNRLc
— CZ 🔶 Binance (@cz_binance) March 30, 2021
The price of BNB on January 1, 2021, was recorded to be $37, and as of today, it is trading at $294.90. That is an 8X gain in 3 months!!! The Market capitalization of Altcoin is $45.7 Billion at the time of penning this article. Experts predict that the ATH of $342.88/BNB could get broken this April and create a new high. Here are some of the reasons that support their claims.
Four reasons for BNB to keep going in April:
1. Coin Burn
There are speculations of Binance planning to burn BNB in April. Rumors also suggest that it will be the largest burn in the history of Binance. Coin burn will cut down the circulating supply of the currency in the crypto market, eventually increasing the demand for the remaining supply.
With increased demand, the prices of the token will rise, benefiting the HODLers. If the speculation of coin burn is true, it will be the 15th burn of BNB by Binance. A Twitter user highlighted the same, as the CEO of Binance indicates a burn in about a month:
#bnb quarterly coinburn event starting very soon.
And gonna be the biggest one.
Maybe 🤔 more than US$300.000.000 in #binancecoin will burn
on the deflation fire 🔥
— Jesus Crypto (@JesusCrypto33) March 29, 2021
2. Volumes on Binance Smart chain
With the fork of Binance smart chain, and increased gas fees over Ethereum Blockchain, more and more projects are now preferring BSC over Ethereum. As Transactions on BSC are now higher than on ETH plus a lot more new projects are coming up on BSC.
3. Staking Benefits
The rewards of stacking BNB on BSC is growing, and the Annual Percentage Yield(APY) for staking BNB with other coins is very high. Some projects are offering 1 million % APY to stake BNB on BSC. It is unbelievable at times, but that is what is happening. This will increase the buying pressure.
Adding to the same, Binance also launched a staking support with 40.56% returns on a project EasyfiNetwork.
— Binance (@binance) March 30, 2021
4. Returns from the Projects
BNB average 7-day balance for Launchpad projects on the Binance Smart Chain is turning out to be increasing with increasing projects. Returns on the launchpad on BNB are unreal.