Smart Chain
Here’s why Binance Coin is 33% down from its all-time high
Binance Coin (BNB) holders enjoyed a 1,760% rally from $37 to $692 between January and May 2021, but as is customary in crypto, this surge was followed by a 69% correction two weeks later. From there, it’s been a bit of a rough patch to regain investors’ confidence and BNB failed to produce another all-time high in November even though the aggregate cryptocurrency market capitalization peaked at $3 trillion. Binance Coin / USDT at Binance. Source: TradingView In addition to being 33% down from its all-time high, BNB investors have other reasons to question whether the current $465 price is sustainable. Especially since traders were recently paying up to 3% per week to keep futures’ short positions open, betting on the downside. Traders flipped bearish on January 10 Unlike...
