Even though there is plenty of attention where the top cryptocurrency prices are concerned, there is some interesting action taking place further down the list. The Binance Coin price is effectively noting some strong gains as of right now. Because of the latest gains, the value per BNB has risen above $10 for the first time in a while.
Binance Coin is Getting More Attention
No one can deny there is a genuine interest in the Binance Coin currency right now. It is the native currency of the Binance trading platform, which is still the world’s leading cryptocurrency exchange by volume. By owning this coin traders can effectively reduce their trading fees and benefit from some other benefits the platform has to offer.
Over the past 24 hours, the Binance Coin price has gained a surprising 7.5% in value. Given the momentum affecting Bitcoin and all other major currencies, that seems to be relatively modest. BNB Also gained 3% over Bitcoin and 3.5% over Ethereum, further confirming the uptrend is still in full effect.
It would appear there is a good reason for BNB excitement right now. The very first trading competition on the platform is going into effect, coupled with a 37,000 BNB giveaway. This competition isn’t limited to just BNB either, but it will mainly serve as the reward itself. An interesting concept that will get many traders excited.
— CZ Binance (@cz_binance) October 15, 2018
There is also the growing uncertainty regarding the future of Tether’s USDT. This token has shown it is anything but a stablecoin today, and a lot of the lingering questions still remain in place. Philippe Bourdeau is poking some fun at this development by claiming BNB is the new stable coin. A silly statement, although it will undoubtedly cause some chuckles.
— Philippe Bourdeau (@Philastru) October 15, 2018
Speculators and traders are over the moon regarding the Binance Coin price developments. Kitt Crypto Alerts confirmed BNB/BTC crossed an important threshold several hours ago and is bound to continue this upward momentum for some time to come. How long the trend will last and where it will peak at, is a very tough question to answer right now.
— k.i.t.t. crypto alerts (@kittalerts) October 15, 2018
With all of the important cryptocurrency markets finally in the green again, there is some reason to be cautiously optimistic. At the same time, a lot of today’s gains are already wiped clean, as the market cap has lost another $9bn during the day. This is despite everything remaining in the green, thus there is no reason to be concerned yet.