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Binance Coin (BNB) is Spiking Big Time: Here’s Why

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Binance Coin

Binance Coin represents a native token of one of the biggest exchanges in the market, Binance platform. As such, this token comes with a high level of stability in the market as well as with several trading perks in case you chose to pay your fees with BNB on Binance exchange. Binance coin thus makes up for a rather stable coin as Binance arranged its native token to represent a form of amenity on their exchange, so BNB seems to be in a continuous demand in the market. However, BNB showed an extraordinary move in the market for the past couple of days with radically increased trading volumes in the last three days while reaching a flattering price in the meantime. Here is how BNB managed to do so.

Binance Coin Makes a Remarkable Performance

For the past three days, despite the ever so sluggish market, Binance Coin has been showing some amazing performance as it marked radically increased trading volumes during the mentioned period of time.

During the last 72 hours, BNB has had an inflow of buyers causing its trading volume to jump up to and over 300% in the mentioned period alone, which as a consequence helped BNB rise up to the surface of this weeks’ top gainers.

In the last couple of hours, BNB marked a rise of only 1.50% against the dollar, however, Binance Coin made it with over 12% against the dollar yesterday, while it gained almost 5% against this fiat currency the day before.

All these gains collided to crown BNB with a new flattering price of 16.63$ per one unit, which is pretty close to its all-time high of around 21$ per one BNB, which was set back in January.

Binance makes up for a rather young coin when compared to the majority of currencies on the top 20 list, however, it is evident that Binance’s baby came a long way since the first time it was launched.

Binance Coin and the Reason Behind the Recent Spike

As Binance Coin represents the native token of the Binance exchange platform, there are some perks that come with BNB in case you decide to use it for paying for your exchange fees while trading on the mentioned exchange market.

Since there are discounts on fees if you decide to pay with BNB, many investors, those that make big investments, in particular, are more likely to decide to go for buying BNB as well.

That way, the investors get cuts on their fees, while also being able to hold onto BNB for the purpose of investing and HODLing.

One of the reasons for having BNB spiking radically for the past couple of days while gaining over 3o0% increase on its trading volume in the past three days is the fact that Binance has been proactively adding new listings to its platform.

That is how in the past couple of days alone, Binance has added three new digital assets, while providing trading pairs in ETH and BTC for QuarkCoin, BNB, BTC and ETH for SingularityNET, as well as BNB, BTC and ETH trading pairs for the newly added Nexus coin.

However, it is less likely that the trading volume of these small coins affected the trading volume of BNB at such a radical level. There is an explanation for that as well since the new listings weren’t the only thing occupying Binance exchange.

Apparently, as of the most recent case, Binance has added new trading pairs for IOTA, Ripple, Stellar and TrueUSD, which seems to be more likely the reason why BNB has had an amazing return in the last couple of days.

Binance Coin and ChiliZ

One of the factors that might have also affected the rise in the price of Binance Coin might be the latest announcement about the new partnership that was sealed two days ago with an announcement that came out on June 5th.

The announcement stated that Binance coin is ready to enter the entertainment industry with starting their new milestone by sealing the deal with a company called ChiliZ.

ChiliZ is one of the branches in a massive entertainment and sports company based in Malta, called Mediarex.

With Mediarex and ChiliZ, Binance coin is aiming at bringing blockchain technology to the gaming industry in Malta and beyond. It is easy to conclude how these factors positively affected the price of BNB while setting the right mood in the market towards hitting the price of 16.63$ per one unit.

In case BNB continues to rise at this rate of growth, this year might be the last train to buy Binance coin before it becomes a huge deal.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has…

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