The Rise of Binance Coin (BNB)

The 14th largest cryptocurrency by market cap, Binance, as at the time of writing rose by 13%, to the amazement of some if the model of cryptocurrency is shifting towards transactions.

Throughout 2018, a good number of investors have become familiar with stablecoins, with USDT taking the 8th spot in terms of market cap. Compared to traditional cryptocurrencies like XRP, Litecoin and Bitcoin, Tether and other stablecoins offer a relatively stable price by pegging their value to an external source.

Binance Coin (BNB) Price Today – BNB / USD

Name Price24H (%)
Binance Coin (BNB)
$24.30
-10.27%

Vitalik Buterin (Ethereum founder) in July, expressed his unhappiness about the present state of crypto exchanges. He noted that most of them were focused on making profits rather than promoting the principles of decentralization, which led him to say that: “I definitely hope centralized exchanges go burn in hell as much as possible.”

Somehow, Buterin’s criticism of exchanges is justified, which has become the focal point for cryptocurrencies. Binance is focused at topping $1 billion in profits by the end of 2018, with a good number of exchanges reporting similar record revenues despite the fact that the year has been an abysmal one for both crypto investors and the general market.

However, despite the close association of currencies like BNB with exchanges’ conflicting nature, they are providing a wider glimpse at the crypto function in the right context. With widespread and mainstreet adoption, the microcosm of exchange marketplaces reveals that cryptocurrencies do not hold a fair amount of utility when given a use.

The BNB price is gradually increasing, good enough to take it to the 14th spot by market cap, because customers have recognized that they are not just investing in price speculation for the coin, but that it will continue to offer value on the Binance platform.

Other cryptocurrencies could follow this same pattern and make some benefit just like that of BNB.

Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.