BNB Passes $16 Threshold In 24 Hours

By Kapil Gauhar

The native token of enormously well-known cryptocurrency exchange Binance, BNB, today passed the $16 threshold in the wake of making additions of near 2% in the previous 24 hours. BNB is presently worth the most it’s been since mid-March, which means it’s recovered a great part of the losses it acquired from that portentous Black Thursday.

BNB increased over 12.5% in the most recent week, and 13.6% over the most recent 30 days, making it by a wide margin the best performing digital currency in the top 10 by market capitalization over these timescales.

This ongoing development has seen BNB climb the market capitalization rankings. It has now secured the position of the eighth largest digital currency; it took EOS out of the spot prior this month.

In like manner, the digital currency has shown solid growth against Bitcoin (BTC) for the time being, subsequent to increasing 12.3% in the last week and 13.7% in the last month against Bitcoin. The way things are, BNB has performed better than top 10 digital currencies when estimated against Bitcoin (BTC).

It isn’t only BNB’s value that is on the uptick either. In the most recent month, BNB has seen its daily trading volume grow by practically 30%, moving from $270 million to $351 million today. As per cryptocurrency analytics site Messari, BNB is presently the 5th most liquid digital currency, after BTC, ETH, XRP, and USDT.

Recently, Binance finished its 11th quarterly token burn — an occasion which sees the trade utilize 20% of its quarterly profits to purchase BNB from the open market and afterward burn it, thereby diminishing the accessible supply.

Binance, this time, bought and burned an aggregate of $52.5 million worth of BNB — the most elevated value yet for its quarterly burning event. Up until now, an aggregate of 10.1% of the complete BNB supply has now been singed, cleaning 20.12 million BNB from the circulating supply in less than 3 years.

Kapil Gauhar

Kapil Gauhar is the founder of Blogger’s Gyan. He is a Passionate Blogger, a Big Thinker and a Creative Writer. His passion for doing friendship with words and letting people know about the wonders of the Digital World is what motivates him to take writing as a career.

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