Binance Coin outperforms crypto rivals following quarterly token burn

Binance Coin (BNB) has been one of the better performing major cryptocurrencies in the past 24 hours.

The digital currency experienced some lacklustre trading on Thursday, as its price spent the better part of the session trying to defend the $30 mark. The coin failed to do so in the afternoon and fell to a seven-week low of $28.91. The coin eventually finished the session at $29.64, posting its first close below $30 since June 4. This was well below the coin’s opening level of $31.50.

BNB’s drop coincided with a larger corrective trend observed across the wider digital currency market. Most major digital currencies saw big price declines on Thursday and in today’s morning session. However, the market has improved in more recent trading, with coins like Bitcoin (BTC) and Ether (ETH) rallying to recover some of their losses.

BNB has also improved its performance today, which has allowed it to fully recover from its Thursday drop. At the time of writing, the BNB price was hovering around $32, according to data from digital currency tracker Coinmarketcap.

The coin’s price has been boosted by the news that Binance, the world’s largest digital currency exchange, has conducted its eighth BNB burn. The company announced earlier today that it had burned 808,888 BNB tokens as part of quarterly burn. Binance’s chief executive officer Changpeng Zhao said in a blog post that the company was giving up its allocation of 80 million BNB tokens to contribute to its commitment to burn 100 million tokens.

In today’s trading, the Binance Coin price stood at $31.78, as of 15:07 BST. The digital coin has gained 5.7% in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at nearly $4.5 billion, which makes BNB seventh-largest digital currency on the market.

Featured image: Diego Ioppolo / Shutterstock.com

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