Why is the price of BNB higher today?
The price momentum of BNB (BNB) has been positive lately, and another milestone was reached on February 22. The value of the cryptocurrency surged to $387, the highest level since November 2022, exhibiting an astounding 9% gain in the previous day.
Switching investments from Bitcoin to BNB market
The past day's increase in BNB's price corresponds with a 2.5% decline in Bitcoin's (BTC) value relative to the US dollar.
The BNB/BTC trading pair has experienced a rise of more than 11%, making this divergence more noticeable. This indicates a substantial change in the market dynamics between these two of the most popular cryptocurrencies.
To put it plainly, traders may be switching from the Bitcoin market to BNB in search of security. This is further demonstrated by the fact that BNB now controls 2.99% of the market, up from 2.74% the previous day.
Binance Launchpool portal launch
The launch of Portal (PORTAL), a cross-chain gaming platform on the Binance Launchpool, coincides with the recent spike in BNB's price, suggesting a possible trigger for more investor interest and money influx into BNB
