Why Chain (XCN) Is Up 9% Today

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KEY POINTS

  • With such high trading volumes coming from Binance’s platform, inclusion of the coin on Binance’s ecosystem is sure to create a new wave of interest from hardcore Binance investors.
  • Binance Smart Chain’s efficiency and low fees compared to Ethereum could cause many investors to make the switch to BSC.


XCN rises 9% as it becomes available on Binance Smart Chain.

While much of the cryptocurrency market is still sitting fairly low after a major crash last week, XCN, the digital currency of the Chain network, is rising in value. Much of this could be attributed to XCN’s recent addition to the Binance Smart Chain ecosystem. As the coin becomes available on the Binance Smart Chain, dedicated BSC investors are likely to jump on board with a high-profile addition to the platform like XCN.

Binance Smart Chain

Binance Smart Chain is a blockchain network that specializes in running smart contract-based applications. This network also seeks to give crypto holders a way to control their cryptocurrency across different blockchains, bridging the gap between their assets. Due to the sluggishness of transactions and high fees of the Ethereum blockchain, many are seeking alternative blockchain options that favor efficiency and lower fees. If BSC is able to offer developers reduced fees and efficient speeds, many users could favor this network over Ethereum. With increased availability for coins like XCN, Binance Smart Chain continues to grow, adding value to the coins they support, and the blockchain itself.

XCN flies with BSC

With the large user-base of BSC, the inclusion of XCN within this ecosystem seems to be causing the coin to surge in value at a time when many other currencies are sitting stagnant at very low values. With many different types of cryptocurrencies available with the Binance Smart Chain, some investors are very eager to acquire newly supported coins. XCN has made a name for itself by partnering with large financial institutions including Visa, Nasdaq, Citigroup, and more to build a better economy.

XCN powers transactions on the Chain network, allowing all of these prominent organizations to conduct their business on the Chain. A token like this is sure to be desirable from investors who primarily use BSC to manage their assets. XCN and BSC together have the potential to mutually increase each other’s value through this development. Time will tell how far XCN will rise with its new support from BSC.

The bottom line

As XCN becomes available on Binance Smart Chain, desirability for this coin among investors is rising. Binance Smart Chain stands to gain a lot if it can provide users with a good alternative to the Ethereum blockchain. By adding support for a coin like XCN, which partners with major financial institutions in their mission, Binance Smart Chain has given investors another coin to keep a close eye on, as well as boosted its chances for success in the long run.

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