Binance Coin (BNB) seems to be experiencing a very positive moment. The virtual currency has registered the largest increase among the top 70 in the last 24 hours. It registered an increase of 3.96%. BNB surpassed IOTA (MIOTA) as the 12th largest digital asset in the market. Why did Binance Coin perform so well?
Binance Coin Surpasses IOTA
Binance Coin, the virtual currency created by the Binance exchange is experiencing a very positive moment. In the last hours, the coin has surpassed IOTA in the market, reaching the 12th position. At the moment of writing this article, BNB has a market capitalization of $874.36 million and each BNB coin can be purchased for $6.77.
Meanwhile, IOTA has a market capitalization of $802.25 million and has lost around 2.8% in the last 24 hours.
Back on January 16, the Binance exchange launched the Binance Jersey exchange. This new exchange is a fiat-to-crypto exchange that includes the Euro (EUR) and British Pound (GBP) as available currencies to be traded against Bitcoin (BTC) and Ethereum (ETH).
At the same time, Binance CFO Wei Zhou mentioned that investors in the United Kingdom would invest in digital assets due to Brexit.
About it, Wei Zhou commented:
“Expanding the cryptocurrency exchange markets with fiat currencies in the European region is opening new economic opportunities for Europeans as well as freedom from looming Brexit uncertainty where the pound and euro are also in concern. Through Binance Jersey, we want to help bridge the crypto-fiat channel for Europe and the U.K as part of our global expansion to support broader cryptocurrency adoption.”
It seems that the market considered this comments as something bullish for Binance and its coin. The currency can also be used at the Binance exchange to reduce trading fees.
The BNB token is also expected to be used in the future in the decentralized exchange that Binance is currently working on. This is why the currency is associated with a positive future. At the same time, Binance has committed itself to burn BNB each quarter. 20% of its trading fee profits are burned by the company.
wow, didn't see this until now. 12 is the new 13.
— CZ Binance (@cz_binance) January 25, 2019
Changpeng Zhao, the CEO of Binance wrote a tweet in which he said that they keep pushing for 11, 10 and even more positions. Cardano (ADA) is the next cryptocurrency that Binance Coin could surpass. However, it is still several millions of dollars away from it. Cardano has a market capitalization of $1.11 billion.
More Reading On Binance Coin
Check out the BNB Price Prediction and Technical Analysis article. Interested readers should also check out our coverage of Binance Coin in articles exploring its ‘gas’ use for Binance’s decentralized exchange, or how BNB price rose in relation to the exchange’s expansion.