Binance Coin’s (BNB) positive momentum from the past month, notably surging by about 360%, continues on. Now, the token reached a new milestone – setting a new all-time price high, as it inches closer and closer to the $250 mark. BNB, which traded at “only” $50 on the first day of February, reached as high as $230 earlier today.
As per the analytical report of CoinMarketCap, BNB’s current price puts Binance’s native token at the 3rd crypto today in terms of market capitalization. Furthermore, another crypto statistics website, namely Coingecko, noted that BNB’s daily trading volume is currently at $8.6 billion. This is considerably much larger when the token last recorded an all-time high surge earlier this month which is $7.52 billion.
BNB’s recent successes can also be attributed to the significant rise in users’ activity on the Binance Smart Chain, or BSC. While a whole lot of reasons can be pointed out as the main driving force to the positive momentum BSC is currently at, most believe Ethereum’s outrageously high gas fees as the most glaring factor for people’s desire to look for alternative DeFi spaces, such as Binance’s.
As per the data report of Defistation, BSC’s total value locked jumped by more than 20% within the last day as it currently sits at approximately $8 billion.
Only time can tell now whether Binance can hold on to this recent meteoric rise or not. Changpeng Zhao, the crypto exchange’s CEO, certainly believes that it could do so as per his most recent tweet. He stated that BSC is no longer but an Ethereum alternative while also hinting that they are only just beginning.