Binance Coin (BNB) Sets Record For Largest Monthly Candle Ever
Binance Coin BNB

Light blue burning candle with flame and smoke on a black background.

Cryptocurrencies like Bitcoin and Ethereum are surpassing previous all-time highs one after the other, triggering a surge in FOMO and price discovery. The latest coin to do so is exchange token Binance Coin (BNB), which set a record for the largest monthly candlestick (dollar-for-dollar) in its short history. Here we take a closer look at the price chart that is definitely worth watching.

Binance Coin Sets New Record for Largest Monthly Candlestick in Dollars

Binance Coin is the latest altcoin to record double-digit growth in a one-month candlestick, up 350% since its opening in February. The current monthly candlestick is the second-largest in history in terms of percentage gains, but in terms of total value, this monthly candlestick is the largest ever.

With the monthly close still 10 days away, it remains to be seen what will happen, but the huge monthly candle is currently the most bullish situation for Binance Coin. This latest rally comes after a strong monthly close last month pushed the asset above its all-time high.

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A close above $44 gave bulls enough confidence that a breakout was coming, pushing the price of BNB tokens to $199 per token.

The rally is reminiscent of the late 2017 altcoin season, when the cryptocurrency market ultimately peaked in early 2018, nearly three years ago.

Binance Coin BNB Crypto

Dollar for dollar, this is the largest candle and Binance Coin history | Source: BNBUSDT on TradingView.com

BNB triples in breakout, overtakes Ripple due to new user growth

Late 2017 and early 2018 saw a surge in users rushing to buy altcoins on exchanges, creating a huge new user base. Binance was one of the first exchanges to introduce its native exchange token, Binance Coin, and since then the platform has been an innovator in the industry.

BNB offers a variety of benefits, including reduced trading fees on exchanges, its use on the exchanges themselves, and token burns, making Binance Coin one of the few altcoins with real value and use cases right now, making it even more attractive than most of the other coins in the top 10.

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Binance Coin’s rise has seen it surpass XRP and rank 6th overall among the top 10 cryptocurrencies by market cap.

The current altcoin season and growing interest in cryptocurrencies has benefited Binance and, in turn, Binance Coin and BNB holders. And if this monthly candle is any indication, this is just the beginning.

Featured image from Deposit Photos, Charts from TradingView.com

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