Binance Coin (BNB/USD) rallies to reach over 8-month high on Thursday

The Binance Coin price (BNB/USD) has reached its highest level in eight and a half months, after amassing double-digit percentage gains over the past 24 hours.

Having enjoyed a strong rally earlier in the week, BNB suffered a significant correction in the early hours of yesterday’s session, when its price tumbled to an intraday low of $13.11, from its opening level of $13.75. However, this was followed by a swift rebound, which allowed the digital coin to recover most of these losses and laid the foundation for an even stronger push forward. BNB utilised this momentum in the afternoon, when it managed to break through the $14 barrier for the first time in over seven months. The coin rose to as high as $14.56, before ending the session at $14.52.

Binance Coin continued its advance during today’s early trading, with its price topping the $15 level. The coin rose to as high as $15.65, which is its highest price level since June 23. The coin has pulled back in subsequent trading, but has remained above the $15 mark. At the time of writing, the Binance Coin price was hovering around the $15.20 level, according to data from digital currency tracker Coinmarketcap.

The first quarter of 2019 has been stellar for BNB, which has managed to more than double its price on the back of important developments, such as the launch of the testnet for Binance’s decentralised crypto trading platform. Mati Greenspan, senior market analyst at eToro recently argued that the coin’s strong performance was due to people seeing it as “a way of speculating on industry growth”.

In today’s trading, the Binance Coin stood at $15.21, as of 12:41 GMT. The digital coin has gained nearly 13% over the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at $2.1 billion.