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Binance Coin (BNB), in the last 24 hours, has shown strength against the leading digital asset, Bitcoin (BTC).
Binance Coin (BNB) has shown strength against the leading digital asset, Bitcoin (BTC), in the last 24 hours. The price of Binance Coin in BTC terms climbed by 2.4%, signaling a bullish move for the asset on the cryptocurrency market.
Binance Coin jumps 2.4% against Bitcoin
As of 08:05 (GMT+8), Binance Coin was trading at $636.69. This is after it peaked at $654.71 in earlier trading sessions.
For the past 24 hours, the BNB price fell by 1.18%, while Bitcoin dropped by 0.8%. This saw the BTC/BNB exchange rate decrease by 2.38%.
Despite the correction, Binance Coin is outperforming Bitcoin on the crypto market, which is significant. BNB is gaining faster, possibly due to higher demand than Bitcoin.
This development has implications for investors holding both assets. Notably, with BNB outperforming BTC, it could contribute to greater portfolio growth in BTC terms.
Binance Coin has also recorded increased activity among investors as trading volume surged by 23.93% to $1.69 billion. This suggests that traders are willing to test the $680 zone again.
In the last seven days, BNB increased to $670 in a bullish move that sparked excitement in the ecosystem. However, the token could not sustain the momentum as market volatility caused a drop that tested the $630 support level.
The recent performance of Binance Coin against Bitcoin suggests a potential rebound toward $680 if trading volume continues to rise.
However, BNB needs to breach resistance at $645 and $660 to attain that height.
Binance and high-frequency product boost
In the broader ecosystem, Binance exchange has launched one-second charts in the crypto space. The move targets futures traders, allowing them to benefit from the smallest price swings in the market.
The newly launched instrument is accessible on Binance’s web and mobile applications. This means that users of Android and iOS-based devices can enjoy the feature.
Some market participants consider that developments such as this could contribute to BNB adoption and the appreciation in value of the token.
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