In general, the cryptocurrency markets are showing minor losses across the board, barring a few exceptions. One of these exceptions that is totally bucking the trend is Binance Coin — the native token of the Binance exchange is skyrocketing.
Over the last 24 hours, Binance Coin has grown nearly 20 percent, and is steeply climbing still at time of publishing. The coin is currently at $13.39 per coin, and this represents a seven month high, with the coin last hitting this price against the USD in August last year.
Binance, the exchange, has shown its success in the past year or so, and part of that success was based off its token, the Binance Coin. Now, the same coin is marching at its own beat, managing to go green in a big way despite a generally red day in the markets.
Progress, slowly but surely. pic.twitter.com/RN7kBKOsVT— CZ Binance (@cz_binance) 4 March 2019
“Progress, slowly but surely”
Personable CEO of Binance Changpeng Zhao has also made note of the progress in price of his native token. Tweeting a graph of the recent growth, ‘CZ’ is clearly proud of the growth of the token, which correlates to the growth of his own cryptocurrency empire.
The exchange-backed token is flying at the moment as it surges past Stellar and Tron to take eighth spot by market cap, which is currently $1.7 billion. Zhao’s current AMA and recent DEX announcements are driving momentum for BNB, showing a clear link between the success of the exchange and the token.
A new investment?
The BNB token is an interesting one for investors as its primary purpose is to be a utility token. It was used to grease the wheels of the Binance exchange, allowing people to utilize it for frictionless and fee-less trades.
It has now become more than just that. The token itself is a representation of a successful business and should almost be viewed as an intangible asset of Binance. For investors, it can be likened to a stock and while Binance keeps thriving, so should the token.