Binance Coin's 0.8% Price Dip to $246.36: All Key Takeaways for July 13, 2023
- Binance Coin (BNB) experienced a 0.8% price decrease to $246.36 on July 13, 2023.
- The 24-hour trading volume was $536,314,150.
- Binance Coin's market capitalization is $38,399,959,195, maintaining its position as the fourth-largest cryptocurrency.
- The circulating supply of BNB is 155,855,196 out of a total supply of 157,900,174.
- Despite the slight dip, BNB showed a positive growth of 8.7% over the past year.
On July 13, 2023, Binance Coin (BNB), one of the top cryptocurrencies by market capitalization, saw a minor price decrease of 0.8%, adjusting to $246.36. Let's break down the key data points to better understand the factors impacting this price change.
The 24-Hour Trading Volume
Binance Coin's 24-hour trading volume was $536,314,150. Trading volume indicates the level of activity and interest in a particular cryptocurrency within a specified period. A higher trading volume often signifies a healthy and active market.
Market Capitalization
With a market capitalization of $38,399,959,195, Binance Coin holds its place as the fourth-largest cryptocurrency. Market capitalization is an essential measure of a cryptocurrency's overall value and size in the market.
Market Cap Dominance
Binance Coin's market cap dominance stands at 3.114%. This metric is a measure of a cryptocurrency's market value compared to the total market value of all cryptocurrencies. Although BNB's dominance isn't as high as Bitcoin's or Ethereum's, it still plays a significant role in the crypto market.
Circulating Supply
The circulating supply of BNB is 155,855,196 out of a total supply of 157,900,174. The near-total circulation indicates that almost all BNB coins have been mined and are now in circulation, which can have implications on its price based on supply-demand dynamics.
Looking Forward: A Binance Coin Price Prediction
Despite a small price dip, Binance Coin's overall market position and the fact that almost all of its total supply is already in circulation suggest a potential for price increase in the long term. However, cryptocurrency markets are notorious for their volatility, and BNB is no exception. Therefore, investors should tread with caution and consider a range of factors when making investment decisions.
How Does Binance Coin's Market Cap Reflect Its Value?
A cryptocurrency's market cap is a key indicator of its value and standing within the market. Binance Coin's substantial market cap suggests its wide acceptance and use within the crypto space. As the native coin of the Binance exchange, one of the largest global crypto exchanges, BNB's large market cap could potentially attract more investors, driving its value higher over time.
What Can Binance Coin's Circulating Supply Tell Us About Its Future Price?
With almost all of its total supply in circulation, Binance Coin's future price could be influenced significantly by changes in demand. With a capped supply, an increase in demand without a corresponding increase in supply could result in price appreciation. However, potential investors should note that short-term price movements can still be highly volatile due to a range of market factors.
