Binance Coin (BNB) Becomes Third-largest Cryptocurrency After Price Pump

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Binance Coin (BNB) Becomes Third-largest Cryptocurrency After Price Pump

Binance Coin (BNB), Binance’s native token, one of the largest cryptocurrency exchanges in the world. According to market reviews, the token recently accomplished the feat of becoming the third-largest cryptocurrency in the world.

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Binance coin. Source: CoinMarketCap.com

Binance coin market capitalization increases to $40 Billion

So far this year has been a good year for the digital assets industry. Various cryptocurrencies have made huge profits. The most notable is Bitcoin, which hit a record high of more than $52,000. Altcoins’ performance isn’t bad either, however, and some people believe the price has risen due to increased market participation and other factors.

This new market position is important not only because BNB’s market capitalization after BTC and ETH is more than $40 billion, but also because the price has increased by 500% in the last 6 weeks and by more than 100% in the last week. BNB’s current market price is now $255 and is one of the few native tokens on cryptocurrency exchanges that is priced this high.

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BNBUSD Chart. Source: TradingView

However, in the past few months, Binance Exchange has done well. The influx of new retailers and institutional traders into the cryptocurrency market is good news for exchanges like Binance.

In January 2021, Binance set a new record for transaction volumes on January 4th within 24 hours. The total number of transactions is $80 billion, which is just a reflection of the demand for cryptocurrency trading services.

“To put this in perspective, from Nov 15, 2017, to Dec 15, 2017, the month leading up to the ATH in 2017, @Binance did $20 billion in trading volume in 1 month. And we were the largest with those volumes back then,” said Changpeng Zhao, the CEO of Binance, following the announcement.

Recent institutional support for cryptocurrencies has had ripple effects across the industry as token prices rise daily and crypto-related companies (such as exchanges) generate returns. Binance’s Global Crypto User Index Report 2021 even praised the institute’s support for the industry’s current growth.

Binance CEO urges Exchanges to list BNB token

From Mastercard to PayPal to CashApp, many large companies seem to want to participate in crypto operations. Therefore, exchange tokens like BNB should be profitable for many years. Zhao also urged other exchanges that refused to list BNB tokens. According to him, the decision not to list the token will backfire at some point.

“It’s interesting many exchanges won’t list the 3rd largest crypto. It shows a finite mindset. And they still don’t understand that it limits their own growth. As #BSC/#BNB gets bigger, this effect will become increasingly clear,” he tweeted, adding that BNB has grown 480x its initial price in three and a half years.

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