Binance's net balance brings cheer to investors as BNB crosses $300

Binance’s net balance brings cheer to investors as BNB crosses $300

8 February 2024

in BNB

Reading Time: 3 mins read

Binance saw an increase in net holdings in its latest Proof-of-Reserve.
BNB continued to trend upward at press time.

The 15th Proof-of-Reserve released by Binance [BNB] for February showed an increase in user and exchange balances compared to January.

The customer net balance of Bitcoin was reported to be over 594.6 million, while the exchange’s net balance stood at around 609.4 million at the time of this writing.

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A comparison with the last month showed that customer and exchange net balances were 575.8 million and 597.6 million, respectively.

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Furthermore, an analysis of Ethereum’s [ETH] balance revealed customer and exchange net balances of over 4.1 million and 4.3 million in February, and about 4 million and 4.2 million in January.

The recent Proof-of-Reserve (POR) suggested a trend where users were transferring more major assets to the exchange. Notably, this marks the 15th Proof-of-Reserve released by the exchange since its inception.

Binance continues to dominate exchange rankings

A comprehensive analysis of exchanges on CoinMarketCap underscored Binance’s continued dominance in the cryptocurrency market.

Examining the trading volume in the last 24 hours, Binance emerged as the clear leader, boasting over $12 billion.

In stark contrast, the second-largest exchange, Coinbase, recorded a volume of about $2 billion during the same period.

The data also showed that Binance has attracted a significantly higher number of visits in the past seven days than its counterparts.

At the time of this writing, the platform registered over 14 million visits. The closest competitor in the top ten exchanges managed around 5 million visits.

How much are 1,10,100 BNBs worth today?

BNB’s bullish trend strengthens

AMBCrypto’s examination of BNB’s daily timeframe chart showed consistent uptrends over the past few days.

On the 7th of February, the chart showed a 1.52% increase, bringing BNB’s trading value to around $307. At the time of writing, BNB continued to a 1.9% increase, trading at about $313.

These recent upward movements have also influenced the Relative Strength Index (RSI), which was close to 60 at the time of writing, indicating a strong bull trend.