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Binance Coin price (BNB/USD) hits over one-year high ahead of Binance Singapore, DEX launches

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The Binance Coin price (BNB/USD) has seen big gains in the past 24 hours, making BNB the best performing major coin over that period.

The digital coin enjoyed some very positive trading yesterday, especially during the afternoon, when its price broke through the $21 mark. The coin rose to as high as $22.08, before closing the session at $22.04. This was significantly higher than the coin’s opening price of $19.59.

Binance Coin has continued its advance in today’s trading and is currently trading near the $23 mark. BNB rose to $22.97 earlier in the session, which was its highest level since January 15, 2018, which was the last time the coin was above the $23 mark. At the time of writing, the Binance Coin price was hovering around the $22.90 level, according to data from digital currency tracker Coinmarketcap.

BNB’s latest advance comes ahead of the launch of Binance’s new fiat-to-crypto trading platform in Singapore. Earlier this week, Wei Zhou, the chief financial officer of the world’s largest crypto exchange, said that Binance Singapore would launch next week. He described the upcoming exchange as “a very easy buy/sell platform” and added that the platform would initially support only Bitcoin trading.

Also this month, Binance will launch the mainnet for its decentralised platform. Binance DEX will be running on a proprietary blockchain called the Binance Chain, which is also expected to host BNB once the token migrates from the Ethereum (ETH) blockchain. The platform has been in testing since late February.

In today’s trading, the Bitcoin price stood at $22.91, as of 14:08 BST. The digital coin has gained 8.7% in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $3.2 billion, which makes BNB the seventh-largest digital coin on the market.

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