BNB, the exchange token of the Binance crypto exchange, has seen a surprising jump of over 7% in the last 24 hours.
BNB, which is strongly linked to the performance of the Binance platform, has outperformed the top 10 cryptocurrencies, rising about 10% in the past week.
The increase in the BNB price aligns with a recent burn announcement made by Binance. Surprisingly, this particular burn does not entail BNB tokens, leaving room for speculation as to what caused the recent BNB price increase.
In a new announcement, Binance stated it will be burning a significant number of BUSD and TUSD B-tokens. The equivalent amount of tokens used as collateral on their native networks will then be released.
BNB saw a massive spike on Wednesday, Feb. 21, as bulls consolidated on an earlier rise that began on Monday. The rise continued into early Thursday trading, with BNB reaching an intraday high of $387 at press time.
BNB's price has been steadily rising since early December 2023, just after a bullish golden cross appeared on its charts. A golden cross is a bullish chart pattern formed when an asset's short-term moving average (50-day) crosses over its long-term moving average (200-day).
A price upswing was validated by the appearance of the bullish golden cross, and BNB began to rise. Following a period of consolidation, BNB resumed its rise in mid-February, breaking the $338 mark.
At the time of writing, BNB was up 4.63% in the last 24 hours to $381. The recent price action on BNB left the token's market capitalization at $57.11 billion, making it the fourth-largest cryptocurrency. So far this year, BNB has increased by 24%.