The price of Binance Coin (BNB) is now back above the $30 mark after gaining 3.7% in the last 24 hours to reach $31.17.

The coin is currently the best performing cryptocurrency in the top five by market capitalization and is closing in on its yearly high of $33.49—achieved in mid-September.

Overall, Binance Coin has been on an uptrend for more than two weeks and is up 15.9% in the last fortnight and 8.8% in the last week helping to cement its position as the fifth-largest cryptocurrency by market cap having leapfrogged Bitcoin Cash (BCH) last month.

Binance Coin has also put on a strong performance against Bitcoin (BTC) in the last two days, having climbed from 0.00247 BTC up to a peak of 0.00276 in the last two days. BNB is now hovering at 0.00272 BTC/BNB—an improvement of more than 10% in two days.

Binance Coin Chart
BNB has gained against BTC this week. (Image: BNB:BTC on TradingView)

As per data from Santiment, the number of active BNB addresses has also grown considerably in the last month, up from 4,783 to 6,669 in this time—an increase of over 39%.

This recent price action comes following several developments for BNB holders, including the launch of several pools for yield farming cryptocurrencies like Flamingo (FLM), Alpha Finance Lab (ALPHA), and Venus (XVS). Binance also recently announced its latest initial exchange offering (IEO) through the Launchpad platform.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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