- BNB is one of the worst-performing altcoin of the day.
- The long-term picture remains positive.
Binance Coin (BNB) is leading the sell-off on Wednesday. The token issued by one of the world’s largest cryptocurrency exchanges lost over 11% in recent 24 hours extended the decline from the all-time high of $25.00. At the time of writing, BNB/USD is changing hands at $22.16, off the intraday low $21.07.
Binance recently launched the decentralized exchange and completed BNB migration to the proprietary blockchain. However, positive fundamental developments failed to support the coin that has been tumbling down for the fourth consecutive day.
Read more about BNB transition here.
Meanwhile, despite the recent decline BNB remains one of the best-performing coins of the year. The coin has grown by over 250% from 2019 low of $5.75 set in mid-January.
Considering a strong upside movement and 11 consecutive weeks of growth, the downside looks like a healthy correction from an overbought territory.
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