Thursday, December 7

This is why Binance Coin is down 33% from its all-time high By Cointelegraph

©Reuters. This is why Binance Coin is down 33% from its all-time high

(BNB) holders enjoyed a 1,760% rally from $37 to $692 between January and May 2021, but as usual for cryptocurrencies, this rally was followed by a 69% correction two weeks later.

From there, it has been a bit difficult to regain investor confidence and BNB failed to produce another all-time high in November, despite the aggregate cryptocurrency market capitalization hitting a high of $3 trillion.

BNB/USDT pair chart. Source: TradingViewIn addition to being 33% below its all-time high, BNB investors have other reasons to question whether the current price of $465 is sustainable. Especially since traders were recently paying up to 3% weekly to keep short futures positions open, betting on the downside.

Read the full article on Cointelegraph

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