Binance Coin trading volume is up 35% as BNB rises to $274

Binance Coin (BNB) is currently approaching the $275 mark. The bulls are anticipated to push harder as well, and selling pressure should return to normal during the next 24 hours. Is there going to be a significant rebound in the next several hours?

Over the last 24 hours, the cryptocurrency market has been primarily bullish. Everything is looking up for the cryptocurrency market. Bitcoin, the king of crypto, rose 6.77 percent, Ethereum gained 6.2 percent, and other prominent altcoins are thriving.

BNB/USD has experienced considerable volatility in the last 24 hours, trading in the range of $255 to $275, representing a 34.46 percent increase in trade volume or a total of $1.934 billion.

Binance Coin is ranked fifth.

Binance Coin, the utility token of popular crypto exchange Binance, is presently ranked fifth, with a total market worth of approximately $44.2 billion.

BNB has been doing better since the middle of previous week, breaking through the resistance level of $245. BNB continued to rise, reaching the $274 resistance level, with no negatives observed.

BNB’s trading volume has climbed by up to 65 percent since last week, moving in unison with the rest of the coin supplies, which have also gained 0.06 percent so far, bringing the whole circulating supply to 163.28 million, or approximately 98.89 percent of the total supply of 165.12 million.

Meanwhile, Bitcoin is currently worth around $23,229 USD. In comparison to Bitcoin, Binance Coin appears to have gained more. BNB was trading at $269.21 as of this writing, up 22% in the last seven days.

BNB’s Scarcity and Exclusivity

Binance Coin, which was launched in 2017, has an air of exclusivity that makes it incredibly valuable. Because BNB cannot be traded or found on all exchanges, it is considered a “elusive” coin.

Furthermore, the BNB supply is capped because to the unique coin burning method used by Binance Coin. Binance burns or destroys 50% of the total coin supply, or the equivalent of 100 million coins, every quarter, increasing its value. It takes use of the principles of supply and demand.

BNB has been reversing resistance levels while maintaining its momentum. Despite SEC problems and the possibility of the coin being delisted, Binance Coin remains the fifth largest coin in terms of market valuation.