In the past 24 hours, the price of Binance Coin has increased by 7.3%. It's price has risen by 12.6% in the last 7 days. The current price per BNB is $562.83 AUD. There is a current circulating supply of 155,855,196 BNB.
Binance coin (BNB) is the native utility token of the Binance crypto exchange. Binance is currently the largest global exchange, available in over 180 countries. Binance has established an entire ecosystem of crypto-related sub-projects since its launch in 2017. Some of the projects include; Binance Chain, Binance Smart Charin, Binance Academy, Trust Wallet and multiple research projects.
BNB plays an integral role in maintaining the functionality of Binance’s array of sub-projects. BNB is a BEP-2 token used as a pairing on the Binance exchange as used to reduce trading fees. BNB is currently one of the largest cryptocurrencies in the world by market cap.
BNB’s total supply is capped at 200 million. Until the total supply is reached, 100 million automatic burns will occur every three months to reduce the supply of the asset.
BNB’s price chart represents the asset price movements and performance. Traders can use this customisable chart to perform crypto technical analysis of BNB and other cryptocurrencies.
The chart above is a candlestick chart where each candle represents a period of time i.e. 1 hour, 1 day, 1 week or 1 month. The body of the candlestick represents the opening and closing price of that specific period. Whereas, the wick of the candle represents the highest and lowest price of that period. A green candlestick indicates that the closing price of an asset is higher than its opening price; this is known as a bullish candle. Red candlesticks show that the closing price was lower than the opening price, indicating that the price has dropped in that specific time period. This is known as a bearish candlestick.
Being able to read a candlestick chart accurately is an important skill for traders wanting to develop both short-term and long-term trading strategies. Read our guide to reading candlestick charts on Swyftx Learn
Changpeng Zhao is the founder and CEO of Binance. Zhao has been actively involved in the cryptocurrency and blockchain industry since 2015 when he founded the BijieTech blockchain.