Binance Coin (BNB) Nestles among Top 10 Coins
Increased Binance trading is giving a boost to BNB, propelling the asset among the top 10 coins.
Increased Binance trading is giving a boost to BNB, propelling the asset among the top 10 coins.
Binance Coin (BNB) has climbed to number nine on CoinMarketCap and may be on track to displace Tether (USDT) from the eighth position soon. BNB reached $13.03 as of 10:30 UTC on Tuesday, its total market capitalization rising to around $1.8 billion.
BNB has gained 16% in the past day alone, adding another 35% to its price this week. Its success is driven by expanding Binance volumes, which are still close to $1 billion in 24 hours.
Most notably, BNB has extended an almost vertical rally, breaking records against Bitcoin (BTC) to peak above 0.0003 BTC, with no end of the momentum in sight. The exchange-based coin has been used as a hedge and a source of growth in a slowing BTC market.
In the past quarter, BNB made a robust recovery, starting from lows of around $4.51, and may be on track to approach its dollar peak of over $24. Besides increased importance in base pairs, the asset also has a speculative element that boosts its price independently. Currently, the most active pair is BNB/USDT, which accounts for more than 61% of BNB trading.
The BNB phenomenon also rides on the back of the recently promised decentralized exchange and a proprietary blockchain where BNB will exist as a separate asset. Binance is also gaining popularity as a platform for the sale of hot outperforming tokens such as BitTorrent Token (BTT) and Fetch.AI (FET).
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