Up 15 Percent: Binance Coin Hits Record High Against Bitcoin
Binance coin (BNB), the token released by the world's largest cryptocurrency exchange Binance, is flashing green for the second day.
Having scored BNB's bitcoin (BTC)-denominated exchange rate (BNB/BTC) rose to a lifetime of 0.002287BTC at 10:45 UTC today and was last seen changing hands at 0.0022BTC on Binance.
Meanwhile, binance coin-US dollar (BNB/USD) exchange rate hit a 5.5-month high of $17.60 on Binance and traded at $16.74 at press time - up 15 percent in the last 24 hours.
Its market capitalization also rose to a five-month high above $1.90 billion, making it a 17th largest cryptocurrency by market capitalization.
Further, the rally is backed by a 155 percent rise in trading volume in the last 48 hours, so the stellar gains look sustainable.
A detailed look at the individual markets reveals the BNB/BTC pair and binance coin-tether (BNB/USDT) pair account for more than 85 percent of the total trading volume of $0.148 billion seen in the last 24 hours.
Clearly, the sharp rise in BNB/BTC seems to have pushed up BNB's USD-denominated exchange rate.
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