Binance Coin has crossed the $300 threshold after its week-long price spike. Last Thursday, the token traded at $274 per coin and was even in danger of falling lower over the course of the week. On Tuesday however, the coin gained around 5% to trade at $289.
BNB has enjoyed smooth sailing since then as its value continues to rise. BNB currently trades at $313 as of the writing of this article. BNB’s $300-mark breakthrough comes at the same time popular meme coin Dogecoin adds over 90% value in a week. BNB is the fourth largest cryptocurrency in terms of market cap.
BNB Rises as Crypto Market Overall Recovers
It has experienced a remarkable recovery of the cryptocurrency market in October. Following several bearish weeks the whole crypto market broke through $1 trillion of market cap earlier this week. It was a catalyst that enabled many cryptocurrencies to experience huge gains. Binance Coin is one such example. It surged by more than 5% in just two days. The value of Binance Coin grew by 15% over the course of the week.
When the correction phase began on October 6, 2018, Binance coin faced a tough time. BNB stood at $296, and seemed on the brink of reaching the $300 threshold. It never reached that level as bears overtook it, driving the coin down to $257 for the first month. BNB’s path to recovery was slow, with fluctuations in value between $266-$276.
BNB came out of its consolidation area on Tuesday. Yesterday, it broke the $300 barrier and reached a monthly record of $318. BNB has risen nearly 5% to Bitcoin and will likely continue growing as long as Bitcoin recovers.BNBUSD Price Chart from TradingView.com
BNB Establishes A New Benchmark Against BTC
TradingView’sAccording to data, the BNB/BTC currency exchange rate briefly exceeded 0.15 BTC. It reached an all-time high of 0.15267 BTC. Binance’s native coin, BNB, has increased in value by almost 10% over the previous three days. The token’s strong performance followed news that it would help Twitter eliminate bots under Elon Musk’s new administration.
Binance committed $500 million to Musk’s acquisition of the social networking site. In a cryptic tweet, Binance CEO Changpeng “CZ” Zhao alluded to an interview he gave to crypto media company Decrypt. He said, “Our intern says we wired the $500 million 2 days ago, probably just as I was being asked about Elon/Twitter.”
CZ then tweeted “Let’s unleash the bird” and “Crypto Twitter,” the former presumably a reply to Musk’s “the bird is freed” tweet. Today, BNB hit a record monthly high of $318.80. This is its highest point since August. One more prominent cryptocurrency’s recent outperformance may also be traced back to Musk. The DOGE/USD pair touched its highest levels since April, following a price movement pattern that began with Musk’s Twitter activity. DOGE is a Musk favourite, but he still needs to see a larger usage application.
Featured image by Pixabay, chart from TradingView.com