2020 has been a tumultuous year for the cryptocurrency market so far. Starting off great in the first couple of months, prices collapsed mid-March, largely because of fears induced by the spread of the novel coronavirus (COVID-19).
In any case, there is one digital currency that seems to be particularly overlooked and that’s Binance Coin – the native cryptocurrency of the world’s leading crypto exchange and arguably the most active contributor to the industry, in general.
Binance Coin (BNB) Price in 2020
Binance Coin is currently the 8th largest cryptocurrency with a total market capitalization of $2.5 billion.
Looking at its price chart for 2020, it’s easy to see that BNB followed the general market sentiment for the year. It went on to increase to about $26 in the middle of February, charting gains of around 100% since the beginning of the year. From there, BNB took a u-turn and started to go downhill.
While decreasing, the price was relatively stable but all that ended on March 12th when the market collapsed and BNB dropped with it. A few vicious red candles saw the price for the cryptocurrency plummet to slightly above $8.
Again, following the market sentiment, BNB has managed to recover to about $16 where it currently trades, noting an increase of about 23% since the beginning of the year.
And while these numbers might still seem rather impressive, Binance has done so much for the industry in 2020 alone that their cryptocurrency seems seriously undervalued.
Binance Leads The Way in Any Way
In the three short years that Binance has been in the field, it managed to establish itself not only as the leading and most trustworthy exchange but also as the major BUIDLer in the industry.
Most recently, in another major strive, Binance entered the Bitcoin mining space with the launch of Binance Pool. It’s a comprehensive mining platform empowering miners with more financial tools and opportunities.
Moreover, not so long ago, Binance also launched Bitcoin options on its Binance Futures platform. The futures platform itself is growing steadily and has established itself as one of the leading Bitcoin futures trading solutions.
In February, Binance announced the B2B2C Cloud solution that enables individuals and organizations to launch digital asset trading platforms.
2020 also saw something else, completely unrelated to crypto take place – the outburst of the COVID-19 pandemic. The novel coronavirus has already infected more than 3 million people across the world and has resulted in 212,337 deaths so far.
To help battle the pandemic, Binance has done a great deal through its Charity foundation. Up to date, more than $3 million have been donated.
All of the above is what Binance did in 2020 alone. Among all of this, it does seem as if its native cryptocurrency is, indeed, undervalued.
When this was brought up in a recent Twitter thread, Changpeng Zhao, CEO at Binance, was brief yet sufficient.
Price will catch up to value sooner or later.
— CZ Binance 🔶🔶🔶 (@cz_binance) April 27, 2020