Binance Coin (BNB)—the ninth largest cryptocurrency by market cap—has jumped nearly four percent over the last 24 hours and is now trading for just under $12.70. For much of yesterday, it was trading around the $11.30 mark.
The asset, like all its crypto cousins, fell to a record low on March 13 and spent the next few days trading in the high $9 range. While there’s still plenty of room for growth—the currency was selling for over $21 just three weeks ago—the asset, for today at least, appeared to be stepping into greener pastures.
Binance Coin was established by Binance, the largest and most popular crypto trading platform in terms of volume. News leaked today that the exchange had acquired data marketplace CoinMarketCap.com for a whopping $400 million. The site stands as one of the most popular crypto data platforms in the industry and reportedly attracts more than 35 million viewers each month.
This marks another in a string of major Binance acquisitions. It has previously bought enterprises DappReview, Trust Wallet, and India-based cryptocurrency exchange WazirX.
The purchase has inspired concern amongst most crypto experts, with figures like Jonathan Leong—CEO and co-founder of the BTSE exchange—believing the move could negatively alter CoinMarketCap’s reporting, though the news seems to have had a moderately positive influence on BNB’s price, at least in the short term.
While BNB's price movement wasn't exactly spectacular, it handily won the day among the top 10 coins by market cap. Elsewhere, today was relatively slow for most tokens, especially against the backdrop of March’s dramatic price fluctuations. Major assets such as Bitcoin, Ether, and Ripple’s XRP are all within one percentage point of where they were yesterday.