Binance Coin price (BNB/USD) hits over 6-month high on Friday afternoon

The Binance coin (BNB/USD) has posted significant gains over the past 24 hours, vastly outperforming an underwhelming market.

The digital coin enjoyed a solid uptick in yesterday’s late morning session, with its price rising to an intraday high of $10.55. The coin managed to close the session at $10.37, well above its opening price of $9.91.

The digital coin resumed its rally in today’s morning session, which allowed its price to break above the $11 mark. The coin continued to advance in the afternoon, rising to as high as $11.61. This was the coin’s highest price level since August 13, according to data from digital currency tracker Coinmarketcap.

The coin has slowed down in more recent trading, pulling back to lower levels. At the time of writing, the Binance Coin price was hovering around the $11.50 mark.

The Binance Coin performed strongly in February, gaining a whopping 65.6% in that month. The coin’s performance was bolstered by major developments, such as the launch of the test version of Binance’s decentralised crypto trading platform DEX, which runs on the company’s proprietary blockchain, the Binance Chain. The world’s largest digital currency exchange plans to migrate BNB from the Ethereum network to Binance Chain once it launches the full version of DEX.

Binance also recently announced that it had remained profitable despite the ‘crypto winter’ that dominated the better part of 2018 and led to plunging cryptocurrency prices and trading volumes.

“To date, even in this bear market, we still run a profitable business,” Binance’s chief financial officer Wei Zhou told CNBC in mid-February.

In today’s trading, the Binance Coin price stood at $11.45, as of 19:02 GMT. The digital coin has gained 10.5% in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $1.6 billion.