Binance Coin has increased by over 100% in the last week. And this has eventually made it the third-largest cryptocurrency in the world. Tether that sat at the third position slipped to no 4 and then no 5 as Polkadot took its place. Meanwhile, Binance Coin has strengthened its position at no 3. The cryptocurrency has made an all-time high of $368 and is currently trading at $295. Binance Coin has also crossed the $40 billion market capitalization with this highly bullish run.
Binance Coin moving to no 3!
The price of the Binance coin was about $37 at the beginning of the year. And now, it is over 500% of that cost. The volumes of trading have also increased notably, and at the same time, a lot of new investors and retailers have also started buying this coin. The adoption of Binance coin has also increased a lot in the last few months, and this has also led to the new currencies getting more exposure than usual. The rise in the use of the Binance exchange has also resulted in an increase of their own cryptocurrency.
This sudden push in the value of the coin was the work of Redditors and Twitteratis. Reports also suggest that the IPO of the exchange has also led to the currency’s price increase. BNB or Binance Coin was not even among the top 10 coins at the start of 2021. And making a position of top 3 cryptocurrencies happened quite fast.
The technology behind BNB
BNB uses the Ethereum technology and also has a scarcity factor added to it. There can be a maximum of 200 million BNB tokens. And as the adoption of the currency happens, we can expect that price of the currency boosts even more. BNB was launched in 2017, and only 100 million of the total coins are available for grabs for the general public. This is essentially a copy of the Ethereum coin, but as the entire market of crypto has been increasing, these things don’t matter as much.
We can check that the price of almost all cryptocurrencies has risen by at least 10 times in the last year. This is just because of the entire craze that has emerged as the price of Bitcoin has risen substantially in the last year. Cryptocurrencies are a real thing now and thanks to Bitcoin for that.