Binance Coin (BNB), the digital currency of the Binance cryptocurrency exchange has surged over 10% in the last 12 hours. This allowed the virtual currency to become the largest gainer among the top 10. The second-largest gainer in the last 24 hours was Ethereum (ETH) with a growth of 2.56%.
Binance Coin Surges by Over 10%
Binance Coin Price is showing that it remains among the top 10 and for a reason. It now has a market valuation of $3.39 billion and it reached a price per coin of $23.49. This puts it very close to Cardano (ADA), Litecoin (LTC) and even Bitcoin SV (BSV). These coins have a market capitalization of $3.6 billion, $3.75 billion and $3.98 billion respectively.
The reason behind Binance Coin growth is not clear. However, the Binance exchange is always working in order for the platform to reach a larger number of users, clients, traders and investors. They are offering several crypto solutions to users, allowing them to properly develop their trading strategies and crypto investment plans.
During the last years, Binance was able to increase the number of fiat on-ramp platforms it is offering around the world. They have also added a large number of options for individuals to have access to digital assets and virtual currencies. Binance launched a futures trading platform that is allowing traders to gain exposure to digital assets and cryptocurrencies.
Binance proved to be at the forefront of the market with the services it offers and with the solutions they have developed. Indeed, many exchanges followed Binance’s steps after this platform added new services or solutions.
At the same time, Changpeng Zhao, the CEO of Binance is bullish about the entire crypto industry as institutional investors continue to place their money in the market. During a conversation with Andreey Sergeenkov, he mentioned that institutions and traditional financial investors are showing more interest in the space.
About the use of Binance Coin, he considers that this is a utility token and that it has been continuously expanding:
“BNB is essentially a utility token. As of the latest count by us, there are at least 112 use cases for BNB and it’s been keeping expanding. It’s a DeFi token by many metrics. Binance Chain sports a native high-performance DEX, and BNB is the native coin on Binance Chain.”
This shows how Binance is focusing on adding value to BNB with new use cases.