In a rather surprising turn of events, it seems the cryptocurrency makers are not necessarily intention losing value today. That in itself is rather rare on a Sunday, but the day is only halfway through. So far, it seems Binance Coin continues to note the strongest gains of them all.
Binance Coin Price Trucks Along Nicely
Although Binance remains the largest cryptocurrency exchange by trading volume to date, it doesn’t necessarily mean the native currency will remain appealing. So far, the Binance Coin price has impressed a lot of people and may continue to do so for quite some time to come.
Over the past 24 hours, there has been another strong 5.39% gain for BNB. This effectively catapults the Binance Coin price to $16.45, which is almost the highest point since February of 2018. It is still a bit away from the all-time high Binance Coin price, which still sits at just over $24.
As one would expect from these gains, there are also improvements in the BNB/BTC and BNB/ETH ratios. With a 5.03% increase over Bitcoin and a 4.89% gain over Ethereum, things are looking very promising for Binance Coin right now. If this trend keeps up, it can effectively push the Binance Coin price to $17 in the coming hours.
Even though all cryptocurrencies still suffer from a declining volume, it appears there is enough liquidity in the BNB market. With $94.754 in 24-hour trades, the demand to buy and sell Binance Coin is clearly visible for everyone to see. It is also the only currency in the top 20 to note any decent gains in that time span.
While it is evident Binance is the only place to trade BNB, its list of currency markets by volume is always interesting. Outside of the USDT, BTC, and ETH pairs, no other market generates over $1m in 24-hour volume. Even so, both EOS and ONT are in the top five, bearing currencies such as NEO and Cardano in the process. An interesting situation to keep an eye on.
Whether or not the Binance Coin price will continue to rise, is always difficult to predict. So far, the momentum clearly seems to favor this currency, but there is a new wave of bearish pressure forming on the Bitcoin and Ethereum fronts. Whether or not that will have a negative impact on the Binance Coin price later today, remains to be seen.