Binance Coin (BNB) Reawakens with Strong Rally
BNB bounced off recent lows, leading the most recent gains among altcoins.
BNB bounced off recent lows, leading the most recent gains among altcoins.
Binance Coin (BNB) entered another growth stage, jumping above the $15 range from last week. BNB climbed by more than 16% in the past week, boosted by the general prominence of Binance.
BNB is on track to displace EOS from position seven based on market capitalization. Trading volumes for BNB also increased to above $293 million. BNB was recently presented as a multi-functional utility coin for the growing portfolio of products on Binance. The addition to Binance.US is also boosting the position of the asset.
BNB thus recovered to $18.10, also climbing from 19,000 Satoshi to the 21,000 Satoshi range over the past week. BNB has always shown its power with rapid appreciation, especially during periods of increased optimism. Currently, BNB receives inflows from Tether (USDT) to the tune of $65 million in 24 hours.
Binance got a boost from a recent peak in futures trading, as the exchange aims for a leading position in derivatives.
https://twitter.com/binance/status/1183614894152679426
BNB also directly benefits from its participation in Binance Lending, which mops up some of the coins from the market. But one of the direct reasons for the appreciation of BNB is the launch of a dedicated trading competition, to encourage new signups.
https://twitter.com/binance/status/1183328790795022336
Binance is also pushing its adoption in the US and across the world with a renewed referral program. The exchange is actively seeking out new traders, as it has grown its capacity since 2017, when it had to suspend new registrations due to overwhelming demand.
In October, Binance also saw its general volumes slow down a bit, to about $800 million in 24 hours. The exchange has been actively competing with other Asian markets, and its trading volumes shrank from peaks above $2.4 million. Binance carries 556 pairs, after the recent coin additions, and has renewed its coin of the month voting.