Binance Coin Bucks the Bear Market and Rises In Value. Much of the cryptocurrency industry has been hit by dramatic drops in values. This includes many coins losing a few percentage points of their value with the bitcoin dropping by nearly 5 percent in the last few days.
But Binance Coin (BNB) has experienced a rise in its value even as other currencies on the market are rising. The token, which is linked to the prominent online cryptocurrency exchange, has seen a rise in value of about 10 percent in the past week. The rise developed as the Binance exchange continues to be a valuable player in the currency field, offering various investments for people to look for.
The Binance Coin is trading with a value of $13.65 with a market cap of $1.3 billion. The total is higher than the $1.15 billion market cap that the currency held a week earlier.Advertisement
The upward trend for the currency is moving as Binance Coin has recovered from a slight bear market. The currency had gone down in recent time, but it has been trending upward since the middle part of July with only a few setbacks coming onto how the currency itself has been growing well enough.
A Flip In Value
The value of Binance Coin token is growing at a faster rate than its market cap. The trends for the token cost and the market cap had been consistent for the most part with the market cap typically moving up higher than the coin value based on its rate of growth or decline. But in recent time, Binance Coin’s value has been growing fast according to Coin Market Cap website. The change suggests that while the currency is growing, the process for producing more coins may end up changing.
A Vital Influence
Although it is difficult to figure out why Binance Coin is rising in value while others are falling, there is a belief that the currency itself is very valuable and interesting thanks to Binance’s influence on the market. With Binance offering dozens of cryptocurrencies for trade and various pairs linked to the bitcoin and other major currencies, it is safe to notice that the exchange is growing in popularity and will continue to be a major figure.
The influence of Binance in general has also helped many smaller currencies to develop and grow. One such example came recently as the Polymath coin was listed on Binance recently. Polymath was listed as a coin to watch for by Binance and was given fee-free advertising space. This helped the currency to grow by a small bit.
Also, the Dock coin has become very popular following its addition onto Binance. The Dock coin is associated with an Ethereum blockchain project that allows one’s data to be secured stored on a cloud network. This also allows for the monetization of one’s personal data if the user wishes to utilize that feature. Dock saw its value grow by nearly 50 percent after it was listed on the exchange.