Binance Coin has dipped by 4% in the last 24 hours — is it worth buying the dip?
Binance Coin, the native token of the Binance exchange and the Binance Smart Chain, has seen a slight dip in its price down to $354. This could present an opportunity for traders to purchase BNB at a discounted price compared to its recent highs and all time high of $686.
Binance Coin has presented itself as a viable competitor to Etherum and ERC-20 tokens, offering lower gas fees and reduced network congestion. Additionally, BNB has enjoyed its growth so far to its current price at a much faster rate than Ethereum did; this may be reflective of how the cryptocurrency market has matured in recent years, as well as highlighting some of the present shortcomings of Ethereum, such as high gas fees.
Where to buy Binance Coin
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Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.
Is Binance Coin a good thing to buy right now?
Professional traders see dips as an opportunity to convert their fiat cash into assets while prices are low. This means that when prices recover, they will have more of the asset to sell when the time is right.
This takes a decent amount of time and patience to pay off in many cases until the market picks up again.
Currently the market is largely uncertain, with macro indicators showing bullish signs of large outflows of crypto from exchanges, while there is also concern that further market shakeouts are waiting down the line.