- Binance’s proof-of-reserve report revealed growth in BNB reserves
- BNB has returned to fourth place in the market capitalization rankings.
Binance [BNB] has now released its proof-of-reserve report for the eleventh time. This practice started after the unfortunate collapse of FTX. The latest report noted that its BNB token reserve has seen growth.
The Binance reserve shows a decrease in some important reserves
Binance recently launched a report to announce his reserves. According to this report, some key assets showed a decline from the previous month. A proof-of-reserves (POR) analysis showed that the Bitcoin balance at the time of writing was 584,659,077.
The figure reflected a decline of 0.72% compared to the previous balance held on the exchange.
Plus, it’s Tether [USDT] reserve exceeded 15.2 billion. However, it decreased by 0.29% compared to the previous reserve report.
On the plus side, Ethereum [ETH] and Binance Coin saw their reserves increase. The snapshot indicates that the exchange’s Ethereum reserve grew by 2.25%, while the BNB reserve increased by 6.42%.
Binance is witnessing slow but steady volume
AMBCrypto’s research into Binance’s trading volume over the past 30 days found that recent performance had improved. The improvement was compared to the early days of October, according to data from Coin gecko.
Furthermore, despite a slow start to October, the month reached its peak in trading volume, which exceeded $19.4 million on October 24. At the time of writing, trading volume was over $9 billion.
BNB regains fourth place
According to data from CoinMarketCap, XRP briefly overtook BNB as the fourth-highest market capitalization asset. However, according to the latest data, BNB had regained its position with a market capitalization of more than $37 million.
How much are 1,10,100 BNBs worth today?
This recovery occurred despite a slight decline in value at the end of the trading session on November 7. By the end of the trading session, it had suffered a loss of over 3% and was trading around $246.
Source: TradingView
At the time of writing, BNB was trading around $245, reflecting a modest loss in value of less than 1%. Furthermore, the Moving Average Convergence Divergence (MACD) indicator suggested that BNB remained in a strong bullish trend.
