The cryptocurrency market has experienced gains over the past few days, with the leading digital currencies all trading in the green zone. The native token of some crypto exchanges such as Binance Coin, Huobi Token, OKB Coin, and ZB coin all recorded some gains too
Let us take a look at the possible reasons behind their price surges.
Binance coin (BNB)
BNB, which is the seventh largest cryptocurrency in terms of market cap, is up by 10% over the past 24 hours. The rise in price comes as the general cryptocurrency market recorded some gains during that period.
The price surge could be tied to Binance Launchpad releasing the details of its next supporting project, Celer Network, which is a testnet solution aiming to solve scaling problem on every blockchain.
The Binance Launchpad is Binance’s exclusive token launch platform, and it has recorded massive success over the past few months. The cryptocurrency exchange also announced the launch of its chain testnet trading competition, with winners expected to be rewarded with 10,000 BNB coins.
BNB has been one of the best performing cryptocurrencies so far this year, with Binance rolling out projects that would support the growth of the token.
Huobi Token (HT)
Huobi Token (HT), the native cryptocurrency of Huobi cryptocurrency exchange has also recorded massive gains over the past few hours. HT is currently up 15% against the US Dollars, while recording similar increases against BTC and ETH.
The increase in price could be related to the exchange’s announcement a few hours ago that Huobi wallet now supports Tron dApps. The Huobi wallet is now considered amongst the most Tron-friendly wallets currently available.
This announcement comes just two weeks after Huobi revealed that they had added support for Steem (STEEM), Monero (XMR) and Stellar (XLM) on their platform.
OKEx Global Utility Token (OKB)
OKB Coin, the native token of Okex cryptocurrency exchange is up by roughly 20%, making it one of the best performing cryptocurrencies over the past few days.
The surge came just two days after the platform announced that it would be launching British Pound (GBP) and Turkish Lira (TRY) on its C2C trading platform before the end of the month.
The C2C trading platform has been welcomed by the general crypto market as it allows users to purchase and sell cryptos using fiat currencies.
ZB, the official cryptocurrency of ZB cryptocurrency exchange is up by nearly 30% over the past 24 hours. Even though it is an unknown coin at the moment, it has been performing excellently over the past few days.
There is no clear catalyst behind the recent price surge. On March 3, the exchange announced that the Ethereum Constantinople/St. Petersburg Upgrade was completed, and users could resume depositing and withdrawing ETH and other ERC20 tokens.
The next direction for these cryptocurrencies is unknown, but it would be interesting to see the subsequent movement of the general market.
We’d love to hear your views on that, please share your opinion using the comment section below.
Please take also a moment to complete our online survey, it will be just a few minutes for you, but for us, it will mean a lot and will help us to adjust and make better articles for our readers.
We are coming out with one daily news every day of the week for our loyal followers, so don’t forget to follow us on our social media channels like Twitter, Facebook and Reddit. We also have a Telegram channel where we post our daily articles.
Hassan is a cryptocurrency and stock market writer and enthusiast. The financial world has become his primary interest, with movies and books being some of his favourite pastime activities. He is an investor in many blockchain projects including Bitcoin, Stellar Lumens, Cardano, VeChain, Gifto, and Cindicator. Hassan also writes for important outlets like Blokt.com