Binance Coin (BNB), the fourteenth largest currency by market capitalization, has seen some serious trading activity over the past 24 hours, running it up by about 20% to over $6.00 before a slight pullback to $5.85.
BNB trades for $6.08 USD today and bears a total market cap of $792,447,995 USD. For investors holding bags since last month, that development marks a 70% decline. Similarly, the market cap has diminished by approximately 61 %.
There are a number of factors that could be at play. Increased trading as a result of Binance’s listing new stablecoins and subsequently attracting new traders is one possibility.
Another is that BNB is rallying on the news that Tripio had added the crypto token as a payment option to allow Binance’s 10 million users to make reservations at 450,000 hotels worldwide.
Since its launch midway through last year, Binance has quickly become one of the most popular cryptocurrency trading exchanges. Prior to the platform going live, the exchange gathered funding in order to launch the platform as successfully as possible and held an initial coin offering (ICO) as a means to raise the funds
As an ERC-20 token, BNB functions using Ethereum‘s blockchain and is kept to the standard that is held to all tokens on the network. The most important function of BNB is to offer as a payments method on the exchange, meaning that users of the platform can pay for services such as trading fees using the token.