Binance Coin (BNB) price surged in the past 24 hours, gaining over 14 percent despite the market-wide pullback. The move follows the successful launch of BitTorrent’s (BTT) ICO, and a release of a new testnet version of Binance Chain – the decentralized cryptocurrency exchange (DEX).

Binance Coin (BNB) Price On The Rise

Binance Coin (BNB) managed to enter the top 10 of the highest valued cryptocurrencies in terms of market capitalization.

This happened after BNB surged with more than 14 percent (at the time of this writing) amid an otherwise declining market.

BNB Price increase after BTT ICO

According to CoinMarketCap, BNB’s price is currently $8.22. Moreover, it’s the only cryptocurrency besides stablecoin Tether (USDT), which is trading in the green.

What’s Behind BNB’s Price Surge?

There have been quite a few things happening on Binance’s front recently.

In late January BitTorrent completed its ICO exclusively on Binance’s ICO platform – the Launchpad. The sale was through in less than 15 minutes, selling 59.4 billion BitTorrent Tokens (BTT) for $7,128,000.

BTT’s price surged after that, now trading almost eight times higher than its ICO price.

Shortly before that, the world’s largest cryptocurrency exchange launched its OTC trading desk. While arriving a bit late to the party, Binance’s OTC trading is designated to carry out larger cryptocurrency transactions.

Just today, Binance’s CEO – Changpeng Zhao, announced that the team has released a new version of their DEX’s testnet.

While it is a holiday for some, our @binance_dex team continue to #BUIDL, and have released a new version of Binance Chain testnet to our partners, with @LedgerHQ support, along with docs (very draft).  It is semi-publicly accessible, if you know where. Onwards!

Earlier in January, Zhao also revealed that Binance Chain will support hardware wallets from the get-go.

What do you think of BNB price going up? Share your thoughts down below!

Chart credit to CoinMarketCap,
Cover photo by Chris Liverani on Unsplash