With so many cryptocurrencies benefiting from a brief spell of positive momentum, interesting things are bound to happen. In the case of Binance Coin, interesting things are taking place over the past 24 hours. Thanks to a solid 10.69% increase in the past day, the Binance Coin price has risen to $13.81 again.
Another Positive Trend for Binance Coin
Considering how Binance is the world’s most popular exchange these days, it is only normal the company’s native token is also getting a lot of attention. users can benefit from Binance Coin in many different ways, including using it to settle trading fees, among other things. As such, the Binance Coin price has risen spectacularly over the past few months, even hitting an all-time high of over $23 in early 2018.
Similar to most other cryptocurrencies, the Binance Coin price has seen a fair few setbacks over the past few months. Its value dipped below $8 in February, although it has been on the rebound ever since. Fast forward to today, and one BNB is valued at $13.81 again thanks to a nice 10.69% increase over the past 24 hours.
Additionally, the Binance Coin price has also risen thanks to improvements over both Bitcoin and Ethereum. More specifically, the BNB/BTC ratio improved by 9.77% over the past 24 hours, whereas the BNB/ETC ratio increased by 9.55% in the same period. A very interesting development which will get a lot more people excited about BNB moving forward.
With $78.013m in 24-hour trading volume, Binance Coin isn’t the most liquid market by any means. It is still sufficient to keep the current Binance Coin price increase going, although it wouldn’t necessarily hurt to have even more volume in place over the coming days and weeks. Considering how most other cryptocurrencies are already facing bearish pressure, BNB seems to evade this bear cycle, for the time being.
As of right now, Binance’s BTC market is the most popular when it comes to trading Binance Coin. The USDT pair and ETH market complete the top three, which is rather interesting to keep in mind. There are also OTN and EOS pairs in the top five, albeit no fiat currencies are present as of right now. So far, that doesn’t seem to hinder the chances of success of the Binance Coin price.
For the time being, it will be interesting to see what the future holds for the Binance Coin price. If this current trend remains in place, the value might hit $14 in the coming hours. Even so, there is plenty of room for bearish momentum as well. Once the Bitcoin price starts slipping, it will be a matter of time until all other cryptocurrencies follow the same pattern.