Well, First of all, congratulations to each and Binance Coin (BNB) stakeholder out there since this is going to be the peak of your achievement with because of its insane upliftment in its price.
One of the largest cryptocurrency exchanges, Binance, despite witnessing enormous hardships earlier this year , didn’t fail to showcase its true potential to the present market.
An astonishing news came along when it was found that BNB has successfully touched the $38.646 on May 26, 2019. This was indeed great news as this range shifts the crypto exchange to an insane profit of 550%, thus making Binance the best performing digital asset of 2019.
Now, this actually took the entire crypto market by storm, as the profit made by Binance in the month of May alone was approximately 120%. Truth be told, the fact can now not be denied that even the top 10 cryptocurrencies have miserably failed to come anywhere close to Binance Coin. Even the better performing Litecoin, which made a high up to 310% couldn’t beat BNB this time.
While the crypto market was trying to figure out the logical reason for this insane profit of BNB, they came up with the most suitable reason for this.
It is now believed that the reason for this prodigious profit of Binance is nothing but scarcity. Since Binance every quarter destroys 20-percent of the BNB it accumulates in fees. Moreover the fact that can’t be denied is at the end of the day BNB is a discount token for those who wish to avail the services by BNB exchange. Thus users end up purchasing the coin to pay for almost everything from transaction to listing fees.