Markets have been pretty flat during this morning’s Asian trading session. Momentum in either direction has been elusive and Bitcoin has gained nothing on yesterday’s prices. Altcoins as a result are largely stagnant with only a couple showing solid gains. One coin that has taken off this morning and nudged its way into the top 25 is Binance Coin.
Coinmarketcap reports that Hong Kong exchange Binance’s own coin, BNB, has exceeded a billion dollar market capacity and made it in to the top 25. It is trading almost 30% higher this morning from $8 yesterday to over $10 today. In terms of Bitcoin it has jumped a similar proportion from 88750 satoshis this time yesterday to 114500 sats today. BNB is a coin that Binance customers can use to pay for trading fees at a discount. It has been slowly down trending over the past month until the spike a few hours ago.
The reason for this sudden surge is an announcement on Binance that the exchange would be developing its own public blockchain called Binance Chain. According to the post “Binance Chain will focus on performance, ease-of-use, and liquidity. Binance Coin (BNB) will be upgraded to exist on its own blockchain mainnet, becoming a native coin. At the same time, Binance will transition from being a company to a community.”
Naturally BNB can only be traded on the Binance exchange. Trade volume in the past 24 hours has shot up to $233 million which has boosted market capacity over a billion dollars to put the altcoin into the top 25.
Other altcoins enjoying double digit growth this morning in Asia include Nem and Icon. Outside the top 25 Ardor and Electroneum are also performing well.
More info on the BNB announcement can be found here: https://support.binance.com/hc/en-us/articles/360001668872-Binance-Chain
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.