The cryptocurrency market has been on a roller-coaster ride since last week with several coins rising and falling on short notice. The volatile market behavior has facilitated a pump in the prices of many coins, including Binance Coin, which has now pumped by a massive 14%.
The Binance-backed cryptocurrency, BNB, saw a significant hike even as the entire market was painted red. The coin was the eighth largest cryptocurrency in the world at press time, after surpassing Stellar Lumens and Tron.
The coin started its pump on March 5, 2019, at 04:10 UTC, when the price was just $11.40 and the market cap was $1.60 billion. The price moved slowly for a couple of hours, following which it saw an unusual spike from $11.40 to $12.40; a gain of 9.09%. The market cap of BNB also rose to breach the $1.75 billion mark.
The price rose further to $13.34, following which the market cap reached $1.8 billion. This marked a rise of 14.31% for Binance Coin. The coin had, in fact, hiked 20.53% when compared to the first spike on March 4, 2019.
The price pump came after the launch of Binance’s DEX testnet, which many speculate as the reason behind the sudden spike. The price of Binance was pumping while every other cryptocurrency in the top 10 list was struggling to stay afloat.
BNB also overtook Stellar Lumens [XLM] and Tron [TRX] on CoinMarketCap. Stellar Lumens, at press time, was the ninth largest cryptocurrency with a market cap of $1.60 billion, while Tron was the tenth largest cryptocurrency with a market cap of $1.51 billion.
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