BNB retakes $16 as Binance completes huge token burn

BNB has demonstrated a strong performance against Bitcoin, and overtaken EOS as the 8th largest cryptocurrency in the last month.

The native token of immensely popular crypto exchange Binance, BNB, today passed the $16 threshold after making gains of close to two percent in the past 24 hours. BNB is now worth the most it’s been since mid-March, meaning it’s recovered much of the losses it incurred from that fateful Black Thursday.

BNB gained more than 12.5% in the last week, and 13.6% in the last 30 days, making it by far the best performing cryptocurrency in the top ten by market capitalization across these timescales.

This recent growth has seen BNB climb the market capitalization rankings. It has now secured the position of the 8th largest cryptocurrency; it knocked EOS out of the spot earlier this month.

Likewise, the cryptocurrency has demonstrated strong growth against Bitcoin (BTC) in the short term, after gaining 12.3% in the last week and 13.7% in the last month against BTC. As it stands, BNB has performed better than any other top ten cryptocurrency when measured against Bitcoin.

It isn’t just BNB’s value that is on the uptick either. In the last month, BNB has seen its daily trading volume grow by almost 30%, climbing from $270 million to $351 million today. According to crypto analytics site Messari, BNB is now the fifth most liquid cryptocurrency, after Bitcoin, Ethereum (ETH), XRP, and Tether (USDT).

Yesterday, Binance completed its 11th quarterly token burn—an event which sees the exchange use 20% of its quarterly profits to buy BNB from the open market and then burn it, thereby reducing the available supply.

This time, Binance purchased and burned a total of $52.5 million worth of BNB—the highest value yet for its quarterly burning event. So far, a total of 10.1% of the total BNB supply has now been burned, wiping 20.12 million BNB from the circulating supply in under three years.