• BinaryX (BNX) token surged by more than 32% in the last 24 hours.
• The surge was attributed to a recent token split event that increased the overall quantity of BNX.
• The market cap of all digital currencies dropped slightly, with Bitcoin down 0.3% at $23,888 and Ether down 0.2% at $1,645.
Bullish Performance of BinaryX
BinaryX (BNX) has seen its market value surge by more than 32% in the last 24 hours. Currently trading at $1.68, per data from CoinMarketCap, BNX broke its $1.40 resistance level on Feb. 24 and surged by more than 30.7% in just under an hour to hit a high of $1.83 before correcting slightly to end the day at $1.49.
Token Split Behind Bullishness
Analysts have credited BNX’s bullishness to its Feb 23 token split event which increased the overall quantity of BNX from 21 million tokens to 2.1 billion tokens with a circulating supply of 289 million tokens and a market cap just north of $482 million making it the 88th-ranked cryptocurrency in the market according to CoinMarketCap data. Centralized exchanges like Binance have stopped supporting trade for the old BNX due to price fluctuations but still permit trading of the new cryptocurrency formed after fractionalization process was done on a 1:100 ratio where each old BNX was traded for 100 new BNX tokens .
Crypto Market Cap Slips Slightly
The total crypto market cap stood at $1 trillion when this article was written, dropping 3 percent from previous day figures as Bitcoin dropped 0.3 percent at $23888 while Ether dropped 0.2 percent at 1645 dollars according CoinMarketCap data .
Binary X Team Confident On Token Split
The Binary X team expressed confidence that their token split event will strengthen their GameFi platform’s business model and broaden their token appeal to new users .
Conclusion
In conclusion , Binary X has seen significant bullishness in recent days due largely to their successful token split event that saw an increase in overall quantity of binary x tokens along with other technical factors such as breaking through resistance levels . Despite slight dips across the crypto industry , it seems that Binary X is aiming higher as they look to widen their user base and develop further products on GameFi platform .