I'm ecstatic to be a part of the Steemit Crypto Academy trading contests this season. I am honoured to be a part of such a remarkable endeavour. This week, I'll be working with professor @kouba01 and @fredquantum team's. So, today I select the BNB coin.
The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc.
Changpeng Zhao (CZ), a developer who had previously designed high-frequency trading software, launched Binance. Binance was founded in China, however it eventually relocated its headquarters due to the Chinese government's increased regulation of cryptocurrencies.
Binance Coin (BNB) as we all know is a crypt0 coin that may be utilise on the Binance crypto exchange to trade and pay trading fees. As of Jan 2018, the Binance crypto Exchange was the world's biggest cryptocurrency exchange, managing over 1.4 million transactions every second.
As an incentive, Binance Coin users enjoy a reduction on transaction costs on the Binance Exchange. Other crypto's, such as ADA, DOT, Bitcoin, Ethereum, Litecoin, and others, can be exchanged or traded for BNB.
Binance Coin (BNB) was launched in July 2017 and worked with the ERC-20 token on the Ethereum blockchain before becoming the native currency of Binance's own blockchain, the Binance Chain.
- Exchanges
Binance coin is available on a number of cryptocurrency exchanges, including Binance, FTX, Bithumb, Huobi Global, Kucoin, Gate.io, and many others. Below, you can see the screenshots of exchanges that lists binance coin.
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🔵 Fundamental Details
BNB is a fantastic project with a rank of 4. The cost of a BNB is $347 USD. It has a market share of 3.53 percent. It has a market capitalization of 57,174,798,052.95 dollars, which is quite good. It has a fully diluted market cap of 57,174,797,744.77, which is fantastic. It has over 700 dollors as its all-time high. It reached an all-time low of 0.09611 5 years ago. Its ROI is increasing at a rate of 300472.81%. It has a current supply of 165,116,761 BNB. The total supply of the coin is 165,116,761 BNA, with a maximum supply of 165,116,760 BNB. The data is obtained from the Coinmarketcap website and is also represented in the pictures below.
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| Name | BNB Coin |
|---|---|
| BNB Price | $347.78 dollors |
| 24h Low / 24h High | $324.48 /$382.96 |
| Trading Volume 24h | $2,611,701,724.09 |
| MarketDominance | 3.53% |
| Market Rank | # 4 |
| Market Cap | $57,174,798,052.95 |
| Fully Diluted Market Cap | $57,174,797,744.77 |
| All Time High | May 10, 2021 (9 months ago) $690.93 |
| All Time Low | Aug 01, 2017 (5 years ago) $0.09611 |
| BNB ROI | 300472.81% |
| Circulating Supply | 165,116,761 BNB |
| Total Supply | 165,116,761 BNB |
| Max Supply | 165,116,760 BNB |
These are some major details of BNB coin.
Why are you optimistic on this token today, and how long do you think it can rise?
This is the only coin on which I am most optimistic. There are many reasons why I am so optimistic about it.The first reason I am optimistic about it is that this coin is one of the world's top 5 crypto currencies and it is number 4 and this is a very good thing. The other special thing about it is that its market dominance is nearly four percent which is very good.Another good thing about this coin is that its owner CZ binance is no less than a celebrity and he do a lot of developments for his coin and if we talk about its Twitter follwers, it will be over five million.
Having your own crypto exchange of any coin is no less than a blessing and BNB has its own exchange and if we talk it is the number one exchange in the world. Every trading on Binance Exchange, there is a BNB token burn in the trading fee which is a very good thing.how much profit the owner earns from the exchange, He buys BNB tokens from this exchange income and burns them, which is a very good thing and has a huge impact on the value of the coin.So these are just some of the reasons why I'm so optimistic about this coin.
How to analyze the token? (using the analysis knowledge learned from professors’ courses) — important part and Your plan to hold it for a long time or when to sell?
I've chosen the BNB / USDT pair for today's transaction. Binance Coin (BNB) is a fantastic concept in my opinion. Binance Coin (BNB) has the potential to be a huge success in the future. We should also be aware that Binance Coin (BNB) is the company's native currency. Binance users can save money on trading fees by using this Binance Coin (BNB) coin.
As a result, I visit the Trading View website to conduct a technical analysis of this coin. I use two TEMAs (triple exponential moving averages) with lengths of 20 and 50 respectively. According to my view, i notice that after a while, the TEMA 20 crosses the TEMA 50 and moves upward, that mean its indicating a bullish signal. For a better understanding, I also draw support and resistance levels. I set my stop loss near the strong support, as shown in the screenshot below. As a result, I log into my Binance account and place a purchase order based on my technical analysis.
So, I choose the spot trade to buy the BNB with USDT at the price of 352.3 dollors with a small target of 354 or 355 dollors. You can also seen my order detalis below in the screenshots.
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After some time, I sell my BNB for 353.2 dollors, making a profit of 7 cents. As can be seen in the images below, I entered with 31.36 dollors and exited with 31.42 dollors, making a profit of 7 cents.
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I could have made even more profit from this coin if I wanted to because when I re-opened the binance it cost is $357 but I had to complete my post so I sold this coin with small profit.
Do you recommend everyone to buy? and the reasons for recommending/not recommending.
I recommemd this coin to everyone because, among cryptocurrency traders, Binance (BNB) coin is a very popular crypto coin and its rank is 4. We also know that the cryptocurrency market is extremely unpredictable, making it extremely difficult for a crypto trader to make forecasts about it. However, I believe that BNB coin is a good long-term project because, according to a fundamental study, BNB is Binance's native coin.It also do quater burning which is a very good thing and its owner works very hard on it and it also has a big community. So, these are some reasons of my recommendation.
Anything other users want to share about the token/project.
Binance has achieved incredible success in a short period of time. Even when compared to the early days of Facebook, Uber, and Snapchat, launching in July 2017 and profiting $446 million in 2018 is incredible. Snapchat, for example, debuted in 2011 and did not reach $446 million in revenue until 2017.Finally, if you're unsatisfied with your existing exchange, need reduced fees, or want the shortest processing times, Binance could be the correct choice for you.
Some images desinged and created by me on Canva and Picsart. Remaining Unsourced Screenshots taken from Tradingview and Coinmarketcapwebsite and the grammer check from grammarly.
SUBMITTED TO DEAR PROFESSOR:
@kouba01 & @fredquantum
SUBMITTED BY :
@malikusman1
THE END 😇