22 Jun 2018 Kristina Pavlova
Binance Coin Bucks Challenging Market Trends
Within the last week, the big players on the market marked a price decrease. Bitcoin, Ethereum and Ripple fell down respectively with 4.71%, 6.38%, and 10.55%. In the meantime, Binance Coin (BNB) ranked at number 15 on CoinMarketCap.
BNB and Ethereum Classic were the only coins to resist the market trend and achieve a rise in their price. This success was achieved thanks to the release of ETC/BNB and ETC/USDT trading pairs on Binance exchange on the 12th June.
According to NEXO, one of the leaders in crypto-backed loans, Binance Coin is going to be used as collateral for the cryptocurrency insured loans.
Binance coin ranked at number fifteen on CoinMarketCap with a trading price of $16.95 and a market cap of $1.9 billion.
The Binance Coin price surge also followed the news that the exchange was increasing its referral bonus to 40% for separate users. To be eligible for the bonus, traders should own at least 500 BNB in their exchange wallets. For users who do not meet the requirements, the commission rate remains fixed at 20 percent.
That was a signal for those who held less than 500 BNB to buy more tokens so that they could benefit from the commission rate bonus and the opportunity for making a quick profit with the increase of the token value.
Similar to the rest of the coins on the market, the coin’s price is related to the performance of the organization behind it. The majority of news related to the Binance organization are positive.
The latest news and the utility of the token have helped Binance resist the downward market trend and become of the few stable coins among the top 20 players.