Binance Coin surpassed NEM to be on top 15 on CoinMarketCap

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After a gloomy week, Binance Coin still made it through and climbed to the top 15 on CoinMarketCap

Binance Coin (BNB) is the native token issued by the world's largest cryptocurrency exchange Binance. On June 19th, most of the cryptocurrencies on top 20 on CoinMarketCap maintained the green except for Tether (USDT) and BNB. However, that does not change the fact that BNB has officially surpassed NEM and entered the top 15 tokens by market capitalization on CoinMarketCap.

During the 24-hour trading period on June 18th, BNB price increased 5.39% to $16.45, recording strongest rise among all other tokens. Although other digital currencies have declined in trading volume, BNB still brought the joy to the investors as it remains the liquidity at $94,754 in the 24-hour trading cycle. It was the only token in the top 20 achieved such high growth.

Demand for BNB on Binance Exchange has supported the token price to have such a high level of liquidity. BNB users can use the token to pay for the transaction fee and get a 50% refund on Binance. With a daily trading volume of $1,187,801,798, BNB can easily gain a high market share in the cryptocurrencies market.

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In addition, Nexo - a fintech company - recently announced that BNB was accepted as a collateral for the cryptocurrencies loans on Nexo's platform. Sharing the same customer base is the reason behind this partnership between Binance and Nexo.

Binance’s development team stated that Malta is the most suitable environment for blockchain and crypto startup; therefore Binance is preparing to build a new fiat-cryptocurrency exchange in Malta. On June 18th, it is  announced that Binance will contribute to Malta Stock Exchange’s (MSE) new launched program to support crypto startups.

Binance Coin is currently ranked 15th on CoinMarketCap with the total market capitalization of $1.9 billion, total outstanding BNB is 144,041,290 tokens. On a quarterly basis, Binance will use 20% of its profits to buy back the BNB tokens and burn them until it has only 100 million tokens left.

NEM is currently ranked 16th on CoinMarketCap with a market cap of $1.8 billion and has reached the maximum number of tokens in circulation. In January 2018, more than $500 million worth of NEM was stolen from Coincheck and the case still remains unsolved.

Written by nami.today

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