Fortunately the decline did not last long and markets have stabilized somewhat as we enter the weekend. Most cryptocurrencies are in the green during this morning’s Asian trading session. Bitcoin is showing gains of 5.5% on the day and is approaching $9,000 once again. Altcoins are also mostly up and one that is leading the rally this morning is Binance Coin.
Coinmarketcap reports that BNB is trading 26% higher on the day. Binance’s own cryptocurrency is currently valued at $12.16, up from $9.58 this time yesterday. BNB has had a very good week rising over 35% from $9 this time seven days ago despite the fracas with Japanese regulators. The monthly picture is also positive showing similar gains, the highest this altcoin reached was $24.60 during the January buying spree. In terms of Bitcoin BNB is up 19% trading at 136650 satoshis up from 114292 sats this time yesterday. Gains against BTC have been impressive over the month at over 47% from around 93000 sats this time last month.
BNB is used only on the Binance exchange to facilitate cheaper trading rates for customers. The boost for the coin comes from an announcement a while ago that Binance would be expanding and setting up operations in Malta. According to the company blog;
“After reviewing several different locations, the company decided to invest in the European nation due to its existing pro-blockchain legislation and the stability that it offers financial technology companies through its regulatory framework. With plans to substantially grow its operations, there are plans to eventually hire up to 200 people to assist their expansion.”
BNB has a current market capacity of $1.2 billion, there are 197 million total supply with 99 million circulating on the exchange. Trade volume for the past 24 hours has increased to $192 million or 21,665 BTC.
Other altcoins showing double figure gains this morning in Asia include Tron, Icon and Verge. Total crypto market capitalization has increase by 5.7% in the past 24 hours to $341 billion.
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.