Binance Coin’s (BNB) Value Soars with Newly Established Pairings like XRP, XLM and Others
Globally traded coin, BNB, has recently experienced an increase in its price from approximately $12.60 to a staggering $17.29. It is believed that the BNB value plummeted to a low of $12.29 on May 30th, with positive increments in the days that followed.
Like most coins, BNB experienced fluctuations, as it barely surpassed $15 at some point. Despite changes between the 13 and $14 ranges that occurred on June 3rd and 4th, BNB’s value broke free from the resistance point of $15, reaching up to $15.98. At the time of writing this piece, BNB firmly sits at approximately $17.14.
Many cryptocurrency investors were quick to point out possible reasons for the spike in prices, some of which include:
- Binance’s newly listed coins: QuarkChain (QKC), SingularityNET (AGI), Nexus (NXS) and IoTex (IOTX)
- Binance’s new trading pairs, namely, XRP/BNB, TUSD/USDT and many others
In addition, the efforts made by the crypto exchange was praised, as it was a practical approach towards encouraging more trades on Binance, which in turn can bring more value to its native token.
CEO of Binance, Zhao Changpeng, recently tweeted out a statement regarding QuarkChain and how it has grown based on user adoption.
In particular, he stated that,
“QKC token distribution, created by a community member. This shows:
1. The crowd is powerful.
2. The crowd is powerful given the transparent nature of blockchain.
3. Most of the useable circulating supply is already on Binance.
4. Expect high volatility, i.e., swings in BOTH ways.”
Will the Binance Coin’s market cap surpass its current $1.9 billion?