Binance Coin (BNB), the native token of the world’s largest cryptocurrency exchange, maintained a solid growth pace on Thursday thanks to an ever-expanding ecosystem that now includes more than 35 different services. At this rate, BNB looks poised to topple Tron (TRX) for ninth spot on the market-cap leaderboard.
BNB Price Analysis
The BNB price advanced 3.7% to $10.39, according to CoinMarketCap. BNB crossed the pivotal $10 mark on Wednesday for only the second time since October and eventually peaked near $11 – a level not seen since last summer.
BNB trade volumes topped $100 million on Thursday for the second time this week. Nearly $150 million worth of BNB traded hands on Sunday as coin values corrected lower from three-month highs. Read more: Crypto Flash Crash Sees Coin Values Plunge by $16 Billion; Tether Overtakes Bitcoin as Volume Leader.
From a technical perspective, BNB faces stiff resistance in the $10.90-$11.63 region. This level thwarted multiple rally attempts in August, September, October and most recently this past week. That being said, the coin has appreciated a whopping 67.5% in February. By comparison, bitcoin is on track for a monthly gain of roughly 12.5%.
At current values, Binance Coin has a total market capitalization of nearly $1.5 billion, placing it tenth among active cryptocurrencies and roughly $130 million shy of Tron. At this rate, BNB is likely to leapfrog TRX in the near term, especially as the latter continues to struggle with a known area of supply tracking north of the 2-cent mark.
Since November, BNB has jumped four spots in the crypto market rankings. Since August, it has increased seven spots.
Unlike other cryptocurrencies, which have been driven largely by technical positioning, Binance Coin has benefited from the steady stream of positive news tied to its exchange. These include the official rollout of Launchpad, a security token platform, and the successful testnet of the Binance decentralized exchange. Read more: Binance Coin Price Analysis: BNB Bulls Maintain Elevation Following Testnet Launch for Binance DEX.
Binance’s Twitter feed recently disclosed that its token is now compatible with over 35 services across seven use case cases. These use cases include payment, travel/utility, service, entertainment, wallets, platform and cash.
The world of $BNB continues to grow! Check out all the new use cases added in February.
— Binance (@binance) February 27, 2019
In terms of payment, Binance Coin is accepted by HTC, Nexo, BytePay and ETHLend, among others. On the services front, BNB is accepted by the likes of CanYa and Eidoo. More than a dozen cryptocurrency wallets have already integrated BNB.
Binance continues to be the volume leader among active cryptocurrency exchanges. On Thursday, the exchange processed more than $853 million worth of crypto transactions spanning 437 markets. Volumes have exceeded $20.5 billion over the past 30 days, according to CoinMarketCap.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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