Binance Coin soars above $100

by in Cryptocurrency News

BNB

Binance Coin (BNB) made another breakthrough last Tuesday. For the first time in its history, the coin broke through the resistance around $ 100 and continued its expansion.

On Wednesday night, February 10, the BNB rate rose to $ 108. Cryptocurrency capitalization is now just over $ 16.543 billion. The token has risen to seventh place in the ranking of the largest cryptocurrencies.

The rise in the value of the coin is observed against the background of a record high activity of users of the Binance Chain network.

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According to the latest data from BSCScan.com, the number of unique BNB addresses has reached 1.135 million. The average daily number of transactions on the blockchain this week exceeded 1.265 million.

Binance, the issuer of BNB, burns a batch of tokens every quarter to reduce the supply of the cryptocurrency. Such a measure creates a deficit of the asset in the market and, accordingly, increases the demand for it. This is why we are seeing the value of the Binance Coin rise.

The last liquidation of some of the tokens took place on January 19. It was the largest operation, as a result of which 3.691 million coins were burned, worth up to $ 165.8 million.