BNB, the exchange token of Binance, has become the third largest crypto by market capitalization for the first time as its price rally continues.

Data from CoinGecko and Binance-owned CoinMarketCap both show that BNB’s market capitalization has surpassed that of Tether around 4:00 UTC on Friday. As of writing, BNB’s market cap stands at $34.4 billion.

BNB has mostly remained as one of the top 10 coins by market cap in the past. CoinMarketCap’s most recent snapshot on January 31 showed that BNB was ranked at the 10th spot back then when its price was changing hands at around $40.

Read Also:   Drug traffickers ‘increasingly’ used Bitcoin ATMs to aid illicit transfers in 2020

But BNB’s price has rallied towards above $230 as of writing, which has almost six-folded within weeks. 

As The Block Research mapped out in a piece on Thursday, one feature that Binance created for BNB since September is using it as the native token for its Binance Smart Chain that seeks to take advantage of the boom of decentralized finance.

“While Binance Smart Chain has made tradeoffs in that it is far more centralized than networks like Ethereum, it has used the demand for DeFi activity and the high fees environment to its advantage,” wrote The Block analyst John Dantoni, who identified 103 projects and companies across 13 different verticals expanding on the BSC ecosystem.

Screenshot of market cap ranking on CoinGecko

Related Reading


Download MAXBIT Android App, Your best source of all crypto news!
Google Play

Source link


Binance’s BNB becomes the third largest crypto by market cap

by Evan A. Warren
Choose A Format
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format