BNB Has Become the Third-Largest Crypto by Market Cap
On Feb 19, 2021
Increasing from $ 126.80 the other day, setting records, BNB became the third-largest cryptocurrency by market cap. The Binance exchange platform cryptocurrency expanded its parabolic rally, reaching a thrilling $ 276 level. The BNB token price has set an ATH, increasing by more than 50% in the last 24 hours. At the moment, Binance Coin price is outperforming Bitcoin (BTC) against USDT, gaining bullish momentum above the $ 250 level.
Despite Binance Coin’s decrease in the network activity, Binance Launchpad’s and Binance Pads’ investments have been one of the reasons why Binance Coin has increased in value. The token, which supports Binance, one of the largest crypto exchanges, is currently in third place, only behind Bitcoin and Ethereum. At the time of writing, the native token of crypto exchange giant Binance, BNB market cap stands at $39 billion.
BNB Soared Along With a Sharp Rise in Binance Smart Chain
Santiment pointed to the rise in the BNB price due to the increase in the number of addresses with 100,000 or more tokens, with the chart it shared the other day. For example, there were only 26 such addresses in August 2020, but that number increased to 48 by mid-January 2021.
Users can use BNB to participate in token sales hosted by Binance Launchpad, in addition to paying transaction fees on the Binance Exchange. Additionally, Binance uses BNB as the native token for the Binance Smart Chain. As DeFi popularity on Binance Smart Chain boom, the demand for BNB tokens may also increase. The popularity of an exchange such as Binance in that industry will mean more growth for the native token in the long run.
While BNB is currently in the range of $ 250-260, the increasing volume is causing forward movement in the Binance Coin’s price.
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