The cryptocurrency market has been walking a fine line between the bear and the bull, with price fluctuations becoming a norm among the market’s top digital assets. After several updates and developments in the field, many users and investors placed their faith in the words of cryptocurrency proponents, who have come out in support of the cryptoverse.
The ‘HODLing’ mentality paid dividends as some cryptocurrencies witnessed bullish spikes on March 13. This list included Binance Coin [BNB], Stellar Lumens [XLM] and Dash. At the time of writing, BNB was rising by 6.7% and was trading at $15.38. The cryptocurrency held a total market cap of $2.171 billion and a 24-hour market volume of $191.638 million.
A majority of the market volume was split between Binance and LBank. The Changpeng Zhao-led cryptocurrency had a grasp on $68.748 million worth of BNB trade, which was a whopping 35.03% of the total share. LBank was a far second, controlling $12.552 million of BNB transactions.
The price chart showed BNB rocketing upwards from $14.46, after the cryptocurrency settled into a sideways price movement. Binance had previously overtaken Tether [USDT] to take the seventh position on the cryptocurrency charts, after a similar bullish spike.
Binance Coin received another boost recently when Justin Sun, the CEO and Founder of the Tron Foundation, referred to it as the new Bitcoin. This was also backed by comments given by Mati Greenspan, eToro’s senior analyst, who said,
“Binance coin has been able to buck the crypto correlations principally because people buy it as a way of speculating on industry growth. If the markets are moving it means people are trading, and Binance has a big share of those volumes.”
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