Binance Coin (BNB), the native cryptocurrency of crypto exchange giant Binance, as catapulted into 8th position by market cap, gaining $200 million in value in the past 24 hours. The move means Ripple-rival and international remittance coin Stellar has dropped to 9th position by market capitalization.
Binance Coin was trading at around $1.6 billion yesterday but saw astounding gains of almost 18 percent overnight while the majority of other cryptocurrencies dropped in value.
Late yesterday, Bitcoin (BTC) dropped sharply to test $3,700 but has since begun a mild recovery to $3,720. Ethereum (ETH), XRP, EOS and Litecoin (LTC) all experienced similar 4-5 percent losses. Today, charts are beginning to show a bit more green, with some smaller coins like Tron (TRX) and Bitcoin SV (BSV) up 5 percent and others up around 2 percent.
As of writing, Binance Coin is continuing it’s upward trajectory, adding an additional $40 million in the past few hours and surpassing the individual coin price of $13.
The rally could indicate an upcoming rally for the cryptocurrency market, as many buyers purchase assets in BNB before distributing funds into other coins. The sudden and concentrated injection of capital would likely come from a one or two large investors rather than the pump-n-dump style rallies smaller coins experience.
Binance CEO Changpeng Zhao, also known as CZ, made a very reserved comment on the rally with the simple tweet: “Progress, slowly but surely.” The wildly successful cryptocurrency entrepreneur has been very active on Twitter lately, promoting developments on the Binance platform and crypto industry in general.