Binance Net Balance Delights Investors as BNB Crosses $300
- Binance recorded an increase in net holdings in its latest proof of reserves.
- BNB continued to trend upwards at press time.
The latest Proof-of-Reserve published by Binance [BNB] for February showed an increase in user and exchange balances compared to January.
Bitcoin’s customer net balance was reported to be over 594.6 million, while the exchange’s net balance was around 609.4 million at the time of writing.
A comparison with last month showed that the net balances of customers and the exchange were 575.8 million and 597.6 million, respectively.
Additionally, analysis of Ethereum [ETH] account balances revealed customer and exchange net balances of over 4.1 million and 4.3 million in February and approximately 4 million and 4.2 million in January.
The recent Proof-of-Reserve (POR) indicated a trend where users were transferring more large assets to the exchange. Notably, this is the 15th Proof-of-Reserve that the exchange has released since its inception.
Binance continues to dominate exchange rankings
A comprehensive analysis of exchanges on CoinMarketCap highlighted Binance’s continued dominance in the cryptocurrency market.
When looking at trading volume in the last 24 hours, Binance emerged as the clear leader with over $12 billion.
In stark contrast, the second largest exchange, Coinbase, recorded volume of around $2 billion over the same period.
The data also showed that Binance attracted a significantly higher number of visits than its counterparts in the last seven days.
At the time of writing, the platform has received over 14 million visits. The closest competitor among the top ten exchanges received around 5 million visits.
How much is 1,10,100 BNBs worth today?
BNB’s uptrend strengthens
AskFX’s examination of BNB’s daily timeframe chart showed consistent uptrends over the past few days.
On February 7th, the chart showed a 1.52% increase, bringing BNB’s trading value to around $307. At the time of writing, BNB continued to rise by 1.9% and was trading at around $313.
These recent upsides have also influenced the Relative Strength Index (RSI), which at the time of writing was close to 60, indicating a strong uptrend.
