143 total views
The Binance Coin (BNB) has grown considerably within the past few days to hit a market capitalization of $40 billion. The impressive surge has helped to coin to climb to the third position based on market capitalization.
This means it has also overtaken Tether, which previously sits on the third position before BNB’s surge.
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
However, the cryptocurrency’s major rise was within 24 hours when it grew by 36%. Its weekly stat is also impressive, after gaining more than 100% within the past seven days. However, its 530% gain since the beginning of the year is even more impressive. But the token’s extraordinary momentum started on February 18, and it has never stopped rising.
On Friday, Binance (BNB) reached an all-time high of $250 from under $150 a week earlier. This makes it one of the biggest gainers for the week.
It means that more users now want to purchase BNB and have seen that the token has the potential of surging upwards in the short-term.
Presently, the top 5 cryptocurrencies by market capitalization are now Bitcoin (BTC), Ethereum (ETH), Binance (BNB), Tether (USDT), and Polkadot (DOT).
The growth of Binance Smart Chain
There is no doubt that the major propeller of the BNB’s price surge is the Binance Smart Chain. The chain has seen some success while offering support for certain elements of decentralized finance.
CoinGecko made an interesting revelation recently, stating that Venus and PancakeSwap are the two biggest gainers in the crypto markets. Unsurprisingly, both of them run on Binance Smart Chain.
PancakeSwap provides an exchange service that works like decentralized protocols such as SushiSwap and Uniswap. The protocol has recorded the highest volume compared to any decentralized exchange on the Ethereum platform within the past 24 hours.
Binance chief executive officer Changpeng Zhao has even tipped BNB to overtake Ethereum, which is currently the second-largest cryptocurrency by market cap. However, his comments enraged some members of the crypto community who argued that the gap between both crypto assets is still huge.