Amid a sea of red, Binance Coin (BNB) is battling the downtrend, marking new daily growth.
Binance Coin [BNB] has been the only token in the top 20 to maintain the green consistent growth in its hourly, daily and weekly price change. Bitcoin[BTC], Ethereum [ETH] and Ripple [XRP] the top three coins of the market are currently facing a low, it has seen a fall of 4.71%, 6.38% and 10.55% in the past week respectively at press time.
BNB was in the news last week and Ethereum Classic [ETC] is the only token along with BNB to see a positive spike on the board. On 12th of this month, Binance added BNB and ETC trading pairs, for ETC/BNB and ETC/USDT trading pairs. As observed, BNB and ETC had a mutual benefit through this listing. The coins were running red due to the pressure of the bearish market. The announcement of the trading pairs immediately changed the trend to a positive green.
Another major increase in the price of BNB followed last month’s announcement that the cryptocurrency exchange will be doubling referral commission rewards. The cryptocurrency exchange is also adding support for new cryptocurrencies fairly regularly, sparking increased interest from specific cryptocurrency communities. Furthermore, Binance also regularly buys back BNB and destroys them thus increasing the value of the remaining coins even further.
Recently, NEXO, a Financial Technology group powered by Credissimo, announced that Binance Coin will be accepted as a collateral for the cryptocurrency backed up loans. A Quantitative data analyst, Ken Xuan of Fundstrat tweeted the launch of Fundstrat Weekly, also known as Benchmark Crypto Performance.
Currently, BNB has the 15th largest market cap with a trading price of $16.95 and a market cap of $1.9 billion.