The price of Binance Coin (BNB), the native cryptocurrency of Binance and Binance Smart Chain, rallied by more than 20% in the last 24hours.
The uprise comes after a market-wide correction yesterday, April 18, during which major cryptocurrencies including Bitcoin (BTC) and Ether (ETH) saw a sharp decline.
The market saw a pullback in short period because the futures market was extremely overheated. Over $10 billion worth of cryptocurrency positions were liquidated on a single day. It was the liquidation that caused the pullback.
The futures market led the correction because the price of major cryptocurrencies was trading lower in the futures market than the spot market.
After the drop in the futures market, cryptocurrencies with strong fundamentals began to recover first. While Bitcoin and Ether rebounded quickly by 12% and 15% respectively from there lows, BNB recovered quickly by 20% within the past 24hours.
Alongside, Binance will list Mirror Protocol (MIR) in the Innovation Zone and will open trading for MIR/BTC, MIR/BUSD and MIR/USDT today.