Binance Coin (BNB) market update: BNB spikes 35% in a week, investors are buying frantically
|- BNB is the best-performing coin if the week.
- The key market catalysts behind the move.
Binance Coin (BNB) is the native token of the Hong Kong-based cryptocurrency exchange. It is ranked as the 10th largest digital asset by market value ($1.3B at the time of writing).
The price of BNB skyrocketed $9.68 during Monday trading, which is nearly 35% higher than on Monday of the previous week. BNB has become an absolute growth leader among top-20 coins and outperformed the whole cryptocurrency market by a significant margin.
What’s behind BNB’s success
The coin is supported by various factors, including real use cases and the coin burn. Binance team burned the coins to the time of $9.4M thus reducing the circulating supply. Such deflationary measures usually serve as a bullish trigger for the asset.
Moreover, the company is intended to buy back and burn 20% of the circulating supply each quarter until 50% of all coins are destroyed.
Apart from that, investors are buying coin to participate in ICOs launched at Binance Launchpad platform and use it at Binance Decentralised Exchange to be launched in the next few weeks.
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