Binance Coin price (BNB/USD) holds above $13 despite early Wednesday drop

on Mar 6, 2019

Despite seeing some correction on Wednesday morning, the Binance Coin price (BNB/USD) has managed to defend most of the gains it amassed during yesterday’s trading.

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The digital coin had a very strong trading session on Tuesday, as its price surged by as much as 20.1% during the day. The coin spent the morning and the early afternoon moving on a steady upward trajectory, which allowed it to break above the $13 mark for the first time since early August. BNB took a lengthy pause in the afternoon, but its rally regained some momentum in the final hours of the session, propelling the coin to a near seven-month high of $13.84. The coin finished the session at $13.81, well above its opening price of $11.52.

While BNB has seen a substantial pull-back in today’s trading, likely caused by profit-taking, it has so managed to defend the $13 mark. The coin fell to as low as $13.11 in the early hours of the morning session, but has managed to recover some of these losses in subsequent trading. At the time of writing, the Binance Coin price was hovering around $13.50 mark.

While many digital currencies have struggled to find the path to recovery following the challenging 2018, BNB has enjoyed strong gains in early 2019. The latest price surge means that BNB has now more than doubled its value since the start of the year.

Mati Greenspan, senior analyst at eToro, recently touched upon BNB’s newly-found ability to defy the bear market.

“Binance coin has been able to buck the crypto correlations principally because people buy it as a way of speculating on industry growth,” Greenspan wrote, as quoted by Forbes. “If the markets are moving it means people are trading, and Binance has a big share of those volumes.”

In today’s trading, the Binance Coin stood at $13.50, as of 12:39 GMT. The digital coin has gained 0.8% in the past 24 hours, according to data from digital currency tracker Coinmarketcap.

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