Binance Coin (BNB) Remains a Growth Driver for the Cryptocurrency Market

Binance Coin (BNB) Remains a Growth Driver for the Cryptocurrency Market

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After several days of turbulence, the market may return to steady growth due to BNB rising.

The growth of the Binance native token is going on, despite the confusion, instigated by the speculative pump of Dogecoin (DOGE). BNB is rising at double-digit percentages, followed by other cryptocurrencies, primarily ETH and BTC, which began to recover. The bull market continues, this time the impulse for growth goes after the two events happened: the Venmo service has announced the support of cryptocurrencies for its users, and Coinbase crypto exchange stock options launched.

The payment service Venmo, which is owned by the giant PayPal, announced that from now on, 70 million of its customers can buy, store and sell 4 cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). Cryptocurrencies can be bought both from the balance in the application and using a bank card. Users cannot send cryptocurrency to each other yet. The Venmo app is targeted at retail users, they also get support from the service so they can quickly master the cryptocurrency space. Darrell Esch, senior vice president, and general manager stated:

– Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have.

The launch of Coinbase stock options is another powerful signal for the market to continue rising. Options trading started yesterday, just a week after Coinbase shares were listed on NASDAQ. This indirectly confirms that the shares of the cryptocurrency exchange are in demand. Reuters reports that 1000 option contracts were sold in the first 10 minutes of trading. Moreover, the number of calls (purchase contract) exceeded the number of puts (sale contracts).

Some experts believe that it is the launch of Coinbase options that surged the Binance crypto exchange token. It is highly likely that Binance is aiming to go public. The price of BNB is already approaching $600, and the capitalization of Binance Coin is already a third of the capitalization of Ethereum (ETH). At the beginning of the year, the capitalization of BNB was 13 times less than the capitalization of ETH.

BNB was also strongly supported by the record-breaking token burn on April 16. Binance burns its tokens on a quarterly basis. For the 15th time, over a million BNB worth almost $600 million was burned.