As is usually the case on Sundays, the cryptocurrency markets don’t look too hot right now. Very few currencies are remaining stable, let alone making a profit. Binance Coin is one of the few rare exceptions in this regard, as this currency is absolutely surging as of late. With a current value of $13.33, things look rather promising.
The Binance Coin Price Surge is Real
Most people accustomed to cryptocurrency know Binance is one of the most top altcoin exchanges on the market right now. This trading platform also has its own native currency, known as Binance Coin. The Binance Coin price has seen an interesting trend over the past six months. With an initial surge in value to almost $23, many people were taken by surprise at the end of 2017.
Even so, the Binance Coin price eventually began to retrace in early 2018. With all cryptocurrency markets taking a beating in that period, this end result is the unfortunate logical outcome. The value of BNB quickly dropped from $23 all the way to $6, which just shows how volatile cryptocurrency markets can be at times. Panic sellers certainly played their role in driving the Binance Coin price down during this period.
Right now, things look a lot better for BNB. The currency is in high demand due to the growing popularity of this exchange. As such, we now see a Binance Coin price of $13.39. It is not even close to the all-time high, but a lot better than $6. This is partially thanks to solid gains over Bitcoin and Ethereum, as both currencies continue to struggle these days.
With $287.352m in 24-hour trading volume, it is safe to say the demand for BNB is very real. Even though the overall cryptocurrency trading volume is now below $13bn, it seems the demand for BNB is certainly increasing. This positive trend amid the sea of mediocrity that is cryptocurrency right now should not be underestimated. Whether or this BNB can maintain momentum, is a different matter altogether.
As one would come to expect, the main trading platform for BNB is none other than Binance. In fact, it is the only platform trading BNB, but it seems all of its trading pairs are gaining popularity. Nine of them even generate over $1m in volume, which is pretty solid .The USDT and BTC pairs are clearly more popular than the rest, which won’t surprise anyone at this stage.
How things will unfold for the Binance Coin price, remains to be seen. No one will deny the current overall market trend is still extremely negative, and things sure aren’t going to improve anytime soon. Unless the overall trading volume picks up and Bitcoin and Ethereum bounce back strongly, there isn’t much to look forward to whatsoever. Whether or not the Binance Coin price will reach $15, remains highly questionable as a result.