Binance Coin Flippens its Way to Top 10 on 19% Surge; BNB Supply Spikes
Binance Coin (BNB) surged into the top ten coins by market cap leading into Wednesday morning, as the coin priced gained 19% while the rest of the market sunk.
The global cryptocurrency market cap fell 2.37% overnight, wiping an average of 5% from the major altcoins while Bitcoin sunk by 1.68% and moved closer to falling below the $3,400 barrier.
While BNB started its fruitful run the night before, its move into tenth spot by market cap wouldn’t have happened were it not for CoinMarketCap’s recalculation of the BNB circulating supply.
The supply stats were fixed early on Tuesday after it was pointed out as inaccurate by Binance chief, CZ. That resulted in an instant boost to to Binance Coin’s market cap, while the coin price remained unchanged.
Binance Coin Price – BNB/USD
From the twenty-four hour low of $7.08, BNB kickstarted its surge on Tuesday evening, and by Wednesday morning the token price had reached a peak of $8.47 – that’s 19.6% growth in just over half a day.
As pointed out a day ago by tech analysts, BNB/USDT in particular was showing upside momentum, and it’s USDT that hogs the highest concentration of trades – equalling 37% of the $127 million daily volume. BNB/BTC comes in close behind with 30% of the daily turnover on Binance alone.
Today’s surge leaves BNB up 38% for the week, and the utility token looks set to start 2019 the same way it started 2018.
Binance’s CZ took to Twitter to celebrate, picking out this tweet from a BNB holder to pin to the top of his feed:
“Two more flippenings has happened as $BNB passed $ADA and $BSV. BNB is now the 10th biggest coin measured by market cap! We did it @cz_binance! The best is still to come with multiple new #Binance Fiat Exchanges, Binance Chain Launch, and Binance Dex Launch.”
Circulating Supply Fixed
Last night CZ responded to a Twitter user who asked why BNB’s circulating supply stats didn’t reflect the true number. Every quarter the Binance team buy and burn a portion of BNB tokens using 20% of the firm’s profits from that year. They will continue to do this every quarter until the 200M supply is halved down to 100M.
CZ stated that CoinMarketCap had the circulating supply listed as 129M when it should have been 141M. A few hours later CMC updated the numbers to reflect the true circulation. CZ responded:
“200m – burned – froozen (sic) gives you 141m. CMC had a different want to calculate circulating supply, which resulted 129m, but they made an adjustment for us.”
That jump from 129M to 141M resulted in an near instant 9.3% increase to the project’s market cap, as you can see from the almost vertical blue market cap line which rises out with the dollar or Bitcoin valuation.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.