Binance Coin, the Binance crypto platform’s native token, has shown a slight rise in value. In less than 24 hours, the crypto BNB broke its balanced scheme for the week, increasing its price by 4.84 percent, according to CoinMarketCap.
Since the beginning of August, Binance Coin has risen by 14 percent. Today BNB is trading above $372.20, which is a huge rise compared to last week’s value.
Binance coin shows impressive rise in 24 hours
Binance Coin has shown an excellent chart in the last 24 hours with several spikes that promise an imminent rise.
The cryptocurrency presents a good volume of transactions with an increase of 44 percent since the first week of August. But the volume is moving in another direction, presenting an overall circulating supply of 0.19 percent.
In this way, the circulating supply has increased by $154.53 million, which shows a rise of 90.62 percent. According to data from CoinMarketCap, Binance Coin has a market capitalization of $56.86 billion.
Possible causes of BNB price increase
There are many theories on why Binance Coin increases its price despite an unfavorable outlook for cryptocurrencies in general. The increase in users on Binance as a global cryptocurrency platform is referred to as one of the strongest reasons. However, some cryptocurrency experts suggest that crypto is experiencing a bullish effect led by Bitcoin.
Bitcoin has not gone unnoticed in recent weeks, and it is that many financial companies have thought about using it. Coinbase has been the main source of the Bitcoin rise. The most used cryptocurrency platform in the United States is linked to Google Pay and Apple Pay to accept instant payments with Bitcoin.
Binance Coin is going through a streak of rising in value, taking priority for future investments. However, the token still ranks fourth in popularity and market value on CoinMarketCap.
Another crypto-like Cardano has had a good week raising their price to 5.37 percent, with a rise of 17.13 percent in 7 days. Bitcoin shows it has gained 19.07 percent of its value since the beginning of August, and today it is trading at $45,395.