Binance Coin (BNB), the native cryptocurrency of the Binance exchange has just unseated Tether (USDT) to rank as the third-largest crypto by market cap.
This move is attributed to an unrelenting gain in price of BNB. The cryptocurrency pumped up by 52.8% in the past 24 hours, soaring to an all-time high of $276.64 in that time frame according to CoinMarketCap.
The growth of Binance Coin has been constant in the past month. Based on a massive bullish sentiment surrounding the digital asset, the coin has gained over 500% in the past 30 days, hitting a market capitalization of over $40 billion, trailing only behind Bitcoin (BTC) and Ethereum (ETH).
The cryptocurrency market is seeing its best of days, with many more coins surging to new all-time highs (ATHs) on a daily basis. Bitcoin topped $52,000 about a day ago, Ethereum surged beyond $1,900 for the first time, and other altcoins are also recording remarkable gains.
The Era of The Exchange Tokens
Binance Coin is not the only outperforming token on cryptocurrency exchanges at the moment. In fact, the native cryptocurrencies of top exchanges are all trading at a relatively higher value than expected.
Huobi Token (HT) is up 31% in the past 24 hours, atop a 53% weekly gain to record an all-time high of $19.38 today. The native token of the FTX Derivatives exchange, FTT, also traded at an all-time high of $30.08, after recording a growth of 47% in the past week.
The performance of these and more exchange-linked cryptocurrencies have made many believe that this bull run is perhaps best tagged as the season for exchange tokens to soar. With the Binance Coin soaring to the third position on the cryptocurrency market, however, more expectations are betting on the coin sustaining the position beyond this bull run cycle.
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