Even though most cryptocurrencies are suffering from another round of bearish pressure, there is always at least one exception to take note of. Binance Coin is surging in value once again, although it is a bit unexpected. The world’s leading cryptocurrency exchange is certainly making a lot of positive headlines, which directly affects the Binance Coin price, by the look of things.
Binance Coin Price is Taking Off
It is remarkable how the Binance Coin price is popping off in spectacular fashion. Although the year 2018 has been pretty positive for BNB already, it seems the trend is still strong at this point. Considering how all other major cryptocurrencies are suffering from small to medium-sized losses, this trend by BNB is all the more interesting to take note of.
More specifically, the Binance Coin price has risen by another 17.79% in the past 24 hours. That is a more than respectable gain, especially given all of the negative pressure across most cryptocurrency markets right now. Something will have to change in this regard, but for now, BNB holders will be quite happy with how things are going, for rather obvious reasons.
This increase pushes the Binance Coin price all the way to $14.61. Although it’s all-time high was just below $24, this is a rather solid trend for an alternative cryptocurrency at this point in time. BNB also notes solid gains over Bitcoin (20.64%) and Ethereum (21.5%) which means there may be further positive momentum on the horizon. Even so, people will get greedy and take profits at some point.
With $104.62m in 24-hour trading volume, the demand for Binance Coin isn’t necessarily higher than it has been in the past. There is a real chance people are diversifying their BTC and ETH holding snow that the market is going through yet another rough patch. Additionally, the ongoing growth and expansion of Binance will spark even more interest in BNB and push the Binance Coin price even higher.
With Binance representing every trading platform for BNB, it is not hard to guess where the volume is coming from. The BTC, USDT, and ETH markets are all extremely popular right now, albeit the latter one in far less spectacular fashion. There doesn’t appear to be any fiat currency pair for BNB at this stage, albeit its exposure to USDT should be sufficient to keep the current Binance Coin price momentum going.
Whether or not the Binance Coin price will continue to rise is a different matter altogether. This sudden 17.8% spike is pretty surprising, although it is not entirely strange given all of the developments affecting Binance as a company. It will be interesting to see if this currency can put a positive spin on other the entire cryptocurrency markets, as all other coins need a lift before things become really dire.