Binance Coin overtakes Tether to become the third-largest cryptocurrency by market capitalization after Bitcoin and Ethereum.
February 19, 2021 | AtoZ Markets – The cryptocurrency Binance Coin (BNB), issued by Binance, one of the world's largest cryptocurrency exchanges, has set a major milestone and has become the third cryptocurrency by market capitalization.
Binance Coin Surges to Become Third Largest Cryptocurrency
At the time of writing, BNB had a market capitalization of $40 billion, more than $5 billion to burn its largest stable coin, Tether (USDT), according to crypto data tracking CoinMarketCap.
Binance coins are trading at $266, up 42% in the last 24 hours. It has risen 107% in the last 7 days.
In addition to market capitalization growth, BNB also saw a significant increase in daily trading volume, from $9 billion yesterday to $14 billion today.
Binance coins increased their market capitalization yesterday, surpassing XRP and becoming the sixth coin after Polkadot (DOT) and Cardano (ADA).
The BNB surge occurred in the success of Pancake Swap, Binance's smart chain-based decentralized exchange. Decentralized financial platforms have grown parabolic over the past few weeks, overtaking Uniswap, the largest decentralized exchange in yesterday's turnover. According to the average trading volume of 1 day of PancakeSwap at the time of writing has increased $1.6 billion.
Binance CEO Jao Champon said BNB hit a record high not only in fiat currencies but also against BTC. "In the last three and a half years, it has grown 480 times over BTC," Jao wrote . He states that performance against BTC is a key goal of Binance.
"This is always our goal, to grow a little faster than BTC. It's not overtaking, but we're putting a lot of effort into growing a little faster. Otherwise. For example, we just have to buy BTC and not work. "
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