In a recent parabolic rally, Binance Coin, a crypto coin supplied by Binance Cryptocurrency Exchange passed Tether in market capitalization for the very first time in history and now stands at the third position only behind Bitcoin and Ethereum.
Binance Coin Becomes the Third Largest Cryptocurrency
As per the data shared by CoinGecko, a crypto tracking source, the market capitalization of Binance Coin at the time of writing is $40 billion leaving behind the market cap of Tether, by about $7 billion.
BNB has certainly accomplished a major milestone in its journey and is now trading at $257, surging about 47% over the past 24 hours. As compared to the price of BNB a week before, the coin has managed to rise about 107% from the past seven days.
In addition to the gain in market capitalization, BNB has also witnessed a massive increase in daily trading volumes. The trading volume of Binance Coin hit a fresh high today of $14 billion, followed by $9 billion in the previous trading session.
Changpeng Zhao, the CEO of Binance, brought into notice that BNB apart from creating all-time highs in terms of fiat currencies has managed to compete with full force against the largest cryptocurrency in the world, Bitcoin. He said:
“From a humble 0.00001 BTC per BNB, we have grown 480x against BTC in the last 3 and half years.”
Mentioning the major goal of Binance, Changpeng Zhao also stated:
“This has always been our goal, to grow a bit faster than BTC. Not overtaking it, but with so much effort we put in, we want to see it grow a bit faster. Otherwise, we should just buy BTC and not work.”
BNB Rise Amid PancakeSwap Success
In the past few weeks, the decentralized finance platform based on Binance Smart Chain, PancakeSwap, has witnessed some really commendable growth in comparison to the largest decentralized exchange, Uniswap, in terms of the trading volume yesterday.
According to CoinGecko, the average daily trading volume of PancakeSwap has overtaken the average daily trading volume of Uniswap by $400 million. This growth has certainly played a vital role in the surge of BNB’s price.