Binance Coin [BNB] – the digital asset issued by the world’s leading cryptocurrency exchange Binance, has hit a serious historical milestone, transforming as the third-largest coin by market cap for the primary time within history.
At the time of reporting, BNB’s market capitalization stands at $38 Bln, outstripping stablecoin Tether [USDT] by around $5 Bln, consistent with data from CoinMarketCap.
Binance Coin is trading at $257 USD, up 47% over the past 24 hours and skyrocketing 107% over the past 7 days at the reporting time.
Alongside propelled growth in market capitalization, BNB also saw a serious spike in daily trading volumes, which saw the typical daily trading volume of Binance Coin hit a new all-time high of $14 Bln today, up from around just $9 Bln yesterday.
Binance Coin’s entrance to the highest three coins by market capitalization follows a huge rally. As reported, BNB recorded a serious surge yesterday, outperforming Ripple [XRP] and ranking as the 6th largest coin, following Polkadot [DOT] and Cardano [ADA].
BNB’s surge comes amid the success of Binance Smart Chain-based decentralized exchange, PancakeSwap. The decentralized finance platform has seen some parabolic growth within the past weeks, overtaking Uniswap as the leading decentralized exchange by trading volume yesterday. At the time of reporting, PancakeSwap’s average daily trading volume stands at $1.6 Bln, up from $1.2 Bln of Uniswap, consistent with CoinGecko.
Binance CEO Changpeng Zhao revealed that BNB has been setting new all-time highs not only in fiat terms but also in reference to the world’s leading cryptocurrency, Bitcoin [BTC]. “From a humble 0.00001 BTC per BNB, we’ve grown 480x against BTC within the last 3 and half years,” Zhao added. He explained that BNB’s performance against BTC has been the most goal of Binance:
“This has always been our goal, to grow much faster than BTC. Not overtaking it, but with such a lot of effort we put in, we would like to ascertain it grow much faster. Otherwise, we should always just purchase BTC and not work.”