Binance Coin (BNB), the native token of Binance, one of the largest crypto exchanges in the world, dethroned the stablecoin Tether, becoming the third largest cryptocurrency in terms of market capitalization.
After starting February just under $ 50, the token crossed the $ 250 level on February 19th. At the time of writing, the token is trading at all-time highs (ATH), at $ 262.
At this price, BNB’s market value currently exceeds $ 38 billion. This is around $ 4 billion more than Tether’s. Not only because this new market position puts BNB right behind BTC and ETH with a market cap of over $ 38 billion, but also because it represents a price increase of 500% over the past 6 weeks and over 100% last week. important.
However, the Binance exchange has been doing well for the past few months. There has been a sharp influx of new traders, both retail and institutional, into the crypto market, which is a good development for exchanges such as Binance.
Binance broke a new record in terms of transaction volume in a 24-hour period on January 4 in January 2021. The total of these transactions was $ 80 billion, reflecting how much demand there was for cryptocurrency trading services.
From Mastercard to PayPal and CashApp, many large firms seem to want to enter the crypto industry, and therefore exchange tokens such as BNB will likely continue to profit for many years.
Zhao also called on other exchanges that refused to list the BNB token. According to him, the decision not to list the token will eventually backfire:
“It is interesting that many exchanges do not list the fourth largest cryptocurrency in the world. This shows a narrow mindset. And they still don’t understand that this limits their own growth. As BSC / BNB grows, this effect will become increasingly clear. ”
In addition to these words, the famous CEO stated that BNB increased its starting price 480 times in three and a half years.