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Binance Coin Becomes Third Largest Crypto By Market Cap

Binance Coin Becomes Third Largest Crypto by Market Cap

As a result of the current bullish run, the cryptocurrency community has seen BNB, the digital asset for Binance, the world’s largest crypto exchange, displace stablecoin Tether (USDT) to become the third-largest cryptocurrency by market capitalization.

According to data from Coingecko, Binance Coin (BNB) rose by over 60% in a recent 24-hour period before plummeting by 17% as of now. BNB is trading at around $242.63, pushing its market capitalization to $37.5 billion.

Binance Coin

In addition to displacing Tether and becoming the third-largest digital asset by market capitalization, Binance Coin also reported a significant increase in its everyday trading volumes. The digital asset noted that its average daily trading volume has recently surged, significantly growing to $14 billion from $9 billion in one 24-hour period.

Reacting to the impressive growth of the digital asset, Binance CEO Changpeng Zhao said the recent rise of the token has always been the exchange’s goal. According to him, Binance has been nurturing the asset to grow a bit faster than BTC.

He tweeted, “#BNB not only made ATHs in fiat terms, it just reached ATH again #BTC. From a humble 0.00001 BTC per BNB, we have grown 480x against BTC in the last 3 and half years. Many thanks to our community, team, and @BinanceAngels.”

Binance’s PancakeSwap Increase

Meanwhile, the crypto exchange token has not been the only exchange feature recording incredible success. Binance Smart Chain-based decentralized exchange (DEX) PancakeSwap has also recorded a massive growth record.

PancakeSwap, a decentralized finance project that rivals Ethereum-based Uniswap and SushiSwap, recently displaced Uniswap to become the largest decentralized exchange by trading volume.

CoinGecko’s data also revealed that PancakeSwap’s average daily trading volume had attained $1.6 billion, closely followed by Uniswap, whose average daily trading volume stands at $1.2 billion. Notably, the Binance Smart Chain-based decentralized exchange allows customers to conduct peer-to-peer activities faster and more affordable than other Ethereum DEXs.

Additionally, BNB did not only surpass Tether (USDT) but also succeeded in surpassing Cardano and Polkadot. It currently only sits behind Bitcoin, the king of all cryptos, and Ethereum.

It is important to note that Binance Coin’s growth has been attributed to the periodical “burns” of some portion of BNB each quarter. This activity notably increases or stabilizes demand of the digital asset by reducing supply.

BNB, CAKE Price

At the time of publication, Binance Coin (BNB) was trading at $242.63, with a market cap of $37,511,878,695 and a 24-hour trading volume of $10,899,125,182.

Meanwhile, PancakeSwap’s (CAKE) token price dropped by 14.8% in the last 24 hours. It was trading at $13.05, with a market cap of $1,479,029,676 and a 24-hour trading volume of $372,993,839.

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