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Binance Coin, a cryptocurrency native to Binance’s blockchain, has outperformed Tether and Polkadot to become the third-largest cryptocurrency.
The market price of Binance Coin (BNB) has reached $296.20 at the time of writing, with an increase of 6.95% in 24 hours. It recorded a daily trading volume of more than $9.9 billion. It has registered another all-time high after a series of record highs.
Notably, the cryptocurrency was launched in 2017 after the launch of the crypto exchange, Binance. It leverages the DeFi system unique to Binance, although it was initially relying on Ethereum Network. BNB is the native token of Binance, but traders can trade it on other exchanges as well. It has surpassed the USDT Stablecoin of Tether and DOT of Polkadot to become the third-largest crypto by market cap. Since a month, BNB has surged more than 500% to trade at $296.20.
The surge of BNB can be related to the adoption of BSC (Binance Smart Chain) because Binance Smart Chain offers a cheaper alternative to Ethereum for investing. During the start of this month, BSC cross passed Ethereum in the number of transactions processed per day. BSC relies on the mechanism of Proof-of-Staked Authority.
This year has started suitable for Binance because trading volumes of cryptocurrency are continued to grow on Binance, and the DeFi solutions are also gaining the spotlight. It seems that the growth of the Binance Smart Chain is more critical at the moment. There is a boom in Decentralized Finance with a growing interest of traders in it. Keeping this in view, Binance Coin could stay in the limelight for a much more extended period. No doubt that Ethereum is also trying to improve its capacity, but the BNB is also worth investors' attention.
Although BNB is still far away from the leading cryptos in market capitalization, Bitcoin has a market cap of more than $1.07 Trillion while the market cap of Ethereum is more than $223.9 billion, but its surge to outperform Tether and Polkadot indeed indicates its bullish trend in the future.