Actually believe it or not there is only 1 cable sending it, the other is receiving.
The + data cable receives data for the mother board. The - data cable sends data to the motherboard.
You are quite mistaken when you say "How are binary digits sent through if there are a lot more than 2 bits" Data is sent in binary code, this is transmitted by sending pulses of electricity.
1 = Send a pulse of electricity
0 = Do not send a pulse of electricity
EVERYTHING in your computer, every game you've played, every internet website you've been on, every program you've used, ANYTHING was originally created using text. They were scripted using programing languages. Given that fact, all binary has to do is translate those binary signals into text. Check out this website to have some fun with that
http://www.roubaixinteractive.com/PlayGround/Binary_Conversion/Binary_to_Text.asp
Electricity moves at amazing speeds, the newer USB 3.0 ports can transmit up to 5Gigabits per second.
So let me put this into perspective for you. All computers have a CPU, and they come in different socket types. The AM3 socket type has 940 pins. A high quality CPU can send 4.2GHz though the it. You see the term GHz and MHz in computers a lot but few people know what it actually means. Basically 1 Hertz is a single signal. So 4.2GHz means there is a whopping 4.2Billion signals being sent through every second. This mean each pin has to process 4,468,085 electrical signals per second.
So you ask how 1 wire can transmit so much data? Well when that one wire sends a couple million signals per second it doesn't sound so far fetched.