Home Coins Ethereum (ETH) Binance’s BNB becomes the third largest crypto by market cap

Binance’s BNB becomes the third largest crypto by market cap

- Advertisement - IQ Option CPA

AliExpress WW

BNB, the exchange token of Binance, has become the third largest crypto by market capitalization for the first time as its price rally continues.

Data from CoinGecko and Binance-owned CoinMarketCap both show that BNB’s market capitalization has surpassed that of Tether around 4:00 UTC on Friday. As of writing, BNB’s market cap stands at $34.4 billion.

BNB has mostly remained as one of the top 10 coins by market cap in the past. CoinMarketCap’s most recent snapshot on January 31 showed that BNB was ranked at the 10th spot back then when its price was changing hands at around $40.

But BNB’s price has rallied towards above $230 as of writing, which has almost six-folded within weeks. 

As The Block Research mapped out in a piece on Thursday, one feature that Binance created for BNB since September is using it as the native token for its Binance Smart Chain that seeks to take advantage of the boom of decentralized finance.

“While Binance Smart Chain has made tradeoffs in that it is far more centralized than networks like Ethereum, it has used the demand for DeFi activity and the high fees environment to its advantage,” wrote The Block analyst John Dantoni, who identified 103 projects and companies across 13 different verticals expanding on the BSC ecosystem.

Screenshot of market cap ranking on CoinGecko

Related Reading

AliExpress WW

Source link

- Advertisement - IQ Option CPA
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
469FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,558FollowersFollow
2,230SubscribersSubscribe
USD - United States Dollar
EUR
1.21
GBP
1.40
CHF
1.10
NOK
0.12
JPY
0.01
CAD
0.79
AUD
0.78

Most Popular

bitcoin
Bitcoin (BTC) $ 46,285.00
ethereum
Ethereum (ETH) $ 1,440.53
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 467.01
litecoin
Litecoin (LTC) $ 165.68
eos
EOS (EOS) $ 3.51
okb
OKB (OKB) $ 15.92
tezos
Tezos (XTZ) $ 3.46
leo-token
LEO Token (LEO) $ 1.97
cardano
Cardano (ADA) $ 1.26
monero
Monero (XMR) $ 214.32
stellar
Stellar (XLM) $ 0.409825
chainlink
Chainlink (LINK) $ 25.11
huobi-token
Huobi Token (HT) $ 13.91
tron
TRON (TRX) $ 0.045709
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 201.29
neo
NEO (NEO) $ 36.07
iota
IOTA (MIOTA) $ 1.15
nem
NEM (XEM) $ 0.598994
zcash
Zcash (ZEC) $ 112.26
maker
Maker (MKR) $ 2,170.63
paxos-standard
Paxos Standard (PAX) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 10.35
vechain
VeChain (VET) $ 0.040254
true-usd
TrueUSD (TUSD) $ 0.999926
ftx-token
FTX Token (FTT) $ 26.67
kucoin-shares
KuCoin Token (KCS) $ 4.29
waves
Waves (WAVES) $ 9.14