The price of Binance Coin (BNB) has gained bullish momentum against Tether (USDT). The price of the altcoin has risen over 20%, trading to a new all-time high of $195. Meanwhile, Ethereum (ETH) continues to march towards the much-awaited $2,000 price mark.
Binance Coin (BNB) Hits New ATH of $195
Binance Coin (BNB) first entered the top 10 largest cryptocurrencies by market cap for the first time back in February 2019. Since then, Binance Coin has continued to remain inside that boundary. Until then its price performance among the top cryptocurrency market caps has remained more or less unnoticed.
However, since the first quarter of 2021. BNB has rallied by over 360 percent in less than two months. In fact, on Feb. 18, Binance Coin has hit a new all-time high of $195.
Binance Smart Chain (BSC), a parallel blockchain to Binance Chain, has successfully ventured into DeFi after its launch in September 2020. BSC has already two times more daily transactions than Ethereum as users of the latter have to face exorbitant gas fees.
Ethereum (ETH) Marching Towards $2000
On Feb. 18, Ethereum (ETH) hit a new all-time high of $1,926 following Bitcoin’s renewed rally. However, the gains in Ethereum have been more stable than Bitcoin’s over the past 24 hours as ETH continued to have remained in the same position since hitting $1,800 on Feb. 9.
In December 2018, Ethereum’s price went downwards almost 95% at around $80. It then spent the next 18 months at lows between $100 and $270 with a brief spike in June 2019.
Meanwhile, Ethereum came out from its long bear market in late July 2020 when it topped $400 for the first time in two years. Perhaps the DeFi summer of 2020 drove the demand for ETH even higher. The much-anticipated launch of the ETH 2.0 Beacon Chain on December 1 might have also driven the recent momentum.
By the end of 2020, ETH was trading at around $700. Two months later its prices have surged to 170% to today’s levels.