Binance was able to develop into one of the largest crypto exchanges in the world just a few years after the company was founded. In terms of trading volume, Binance can even secure first place. More than USD 31 billion is traded daily on the online exchange headquartered in Malta. With the very successful in-house crypto currency Binance Coin, CEO Changpeng Zhao celebrated another major milestone in the still short history of his company.
Binance Coin: BNB rises to over $ 100
Because Binance's in-house cryptocurrency, called Binance Coin (BNB), hit a new record on Tuesday. Because after an unstoppable course rally, the course is at an incredible value of over $ 100. For comparison: According to coingecko.com, the starting price of the cryptocurrency was $ 0,03981770. That is a price increase of 261409.6% - in just over three years.
With the currently booming crypto market, the exchanges' own coins are increasing particularly strongly. Because these are used, for example, to reduce transaction costs. More users mean an increased demand for lower transaction fees and drive up the price of the cryptocurrency. Another important benefit of the BNB is its function as a native token for the Binance Smart Chain.
The following chart shows the price increase of the Binance Coin since it was first listed. The coin has long since left the big crash in 2018 and is now much higher All time high of $ 113,29 celebrated:
BNB leaves Chainlink (LINK) and Litecoin (LTC) behind
With the enormous increase in the price, BNB is also climbing up the ranking. While other courses are struggling with the rapid rise in BTC, the Binance Coin is not impressed.
BNB is now in 7th place in terms of market capitalization. This means that the Binance Coin leaves well-known cryptocurrencies such as Chainlink and Litecoin behind. Next goal: Ripple (XRP), which was able to claim 3rd place for itself for a long time, but continues to slide down the ranking list due to the difficulties with the SEC in the USA.
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