Binance Coin (BNB) Becomes the First Cryptocurrency to Pass Its January 2018 High

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The biggest news this week has undoubtedly been the launch of Binance Chain, the new blockchain platform that will fuel Binance’s decentralized exchange (DEX) and other major initiatives.

As a result of the news, Binance Coin (BNB) became the first large-cap cryptocurrency to hit new all-time highs on Friday, surpassing levels last seen during the late-2017 bull market after gaining roughly 300% this year. Interestingly, according to data from Messari’s OnChainFx, Maker (MKR) and Bitcoin (BTC) are the next closest to reaching their all-time highs from last year but both are still a long way away.

Messari / OnChainFX

BNB’s price action has been so strong in 2019 that it has helped propel the AltDex Exchange Token Index (ALTEXC), a digital asset index that tracks the token category, into positive return territory for the first time since the index launched in July 2018.

Moving forward, Binance Coin will likely continue to benefit as projects line up to IEO on the platform. The added impact of coins launching on and migrating onto the new blockchain should add further positive momentum.

In the short time since launching, a number of projects have already announced their intention to migrate to Binance Chain, including Mithril (MITH), which jumped more than 60% on the news.

Binance Coin is currently up 8.5% on the day to $ 24.08, giving the largest exchange token a $3.4 billion market cap.

More: Messari OnChainFX

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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