Binance Coin (BNB), a cryptocurrency of the world’s largest crypto exchange Binance, has reached an important historical milestone and is the third largest coin by market capitalization for the first time in history.
At the time of writing, the BNB’s market cap is $ 38 billion, outperforming the largest stable bitcoin tether (USDT) by about $ 5 billion, according to data from crypto tracking source CoinGecko.
Binance Coin is trading at $ 257, up 47% in the last 24 hours and up 107% in the last seven days at the time of publication.
In addition to accelerating market capitalization growth, the BNB also saw a significant increase in daily trading volume, bringing Binance Coin’s average daily trading volume to a new all-time high of $ 14 billion today, up from just $ 9 billion yesterday.
Binance Coin’s entry into the top 3 coins by market capitalization follows a massive rally. As reported by Cointelegraph, BNB saw a sharp surge yesterday, surpassing XRP, becoming the sixth largest coin after Polkadot (DOT) and Cardano (ADA).
The increase in BNB is due to the success of the Binance Smart Chain-based decentralized exchange PancakeSwap. The decentralized financial platform has seen a certain parabolic growth in the last few weeks and yesterday overtook Uniswap as the largest decentralized exchange in terms of trading volume. At the time of writing, the average daily trading volume of PancakeSwap is $ 1.6 billion, compared with $ 1.2 billion for Uniswap, according to CoinGecko.
Changpeng Zhao, CEO of Binance, noted that the BNB has hit new highs not only in relation to fiat but also in relation to the world’s largest cryptocurrency, Bitcoin (BTC). “From a modest 0.00001 BTC per BNB, we’ve grown 480 times BTC over the past three and a half years,” Zhao wrote. He said the BNB’s performance against BTC had been Binance’s primary target:
“This has always been our goal to grow a little faster than BTC. Not too much, but with so much effort, we want it to grow a little faster. Otherwise, we should just buy BTC and not work. “