Binance Coin, the cryptocurrency of the exchange Binance (Photo: Shutterstock)

Binance Coin (BNB) was up 8.7% on the day and peaked at $ 15.88. Since then, the cryptocurrency has dropped slightly to $ 15.86, but it still appears to be in an uptrend.

In the past week, Binance Coin ranged between $ 13.60 and $ 15, until it broke that gap earlier today. BNB's market capitalization increased by $ 270 million overnight.

BNB had a strong recovery in the last month and is now at its highest value since mid-March (Image: TradingView)

Yesterday, Binance launched a cryptocurrency derivative known as Bitcoin options on its futures contract trading platform. These product options allow Binance users to speculate on the direction of the market using buy and sell orders, which have a range of expiration dates.

Binance has chosen to initiate these options exclusively on its mobile trading app, but plans to update the web platform with Bitcoin options and potentially options for other cryptocurrencies "soon".

Overall, Binance Coin has been on the rise for almost a month and has gone from a low of $ 8.46 to more than $ 15. BNB is now at its highest price in four weeks and has gained over 57% in that period. Demand for the cryptocurrency also appears to have increased over the past month, with daily BNB trading volumes now almost 70% higher than mid-March.

The rest of the cryptocurrency market is also in the green today – though not exactly to the same extent as Binance Coin. Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) grew 2-3%, but Binance Coin is leading the way among the top ten cryptocurrencies.

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