The largest crypto exchange in the world today Binance’s native token, Binance Coin (BNB), has established itself as the third-largest crypto via market capitalization – only ETH and BTC stands above it now. BNB notably overtook Tether by about $5 billion to reach the major milestone for the first time in its relatively short history.
As of press time, BNB’s market cap sits comfortably at about $38 billion with its price playing around the $257 per token mark following its 47% surge in the past day. On top of its significantly growing market cap and price, BNB’s daily trading volumes also saw massive spikes from the past few days. As per recent data reports, Binance Coin’s daily trading volume reached a new all-time high earlier today with $14 billion.
While many factors can be attributed to BNB’s significant rise, experts believe that the same bullish run the exchange’s native blockchain, Binance Smart Chain (BSC), is currently on right now as the principal reason for its most-recent successes. In fact, BSC is such in a positive momentum that many now start to turn towards the chain instead of the more commonly-known Ethereum.
Changpeng Zhao, CEO of Binance, commented on this latest development by stating that growing faster than BTC has always been the organization’s main goal – not to overtake it. He then added that they want to grow even a bit faster, and thus, vows to put in more effort than ever before.