BNB is now the third biggest cryptocurrency according to market capitalization. It has crossed XRP on May 4th after a price rally towards an all-time high.
The price of the Binance coin (BNB) has been on the rise since April 18th. It reached the value of $680 on May 4th. This took the total market cap of the currency to $100 billion.
At press time, BNB is trading at $645. Its value has increased 15% over the past seven days. BNB is following the footsteps of ethereum and other altcoins like chainlink, Litecoin, and Dogecoin.
The Rise of Binance Coin (BNB):
BNB is a utility token issued by the world’s famous Malta-based crypto exchange Binance. The coin was launched in 2017. Initially, it started as an ERC-20 token on the ethereum blockchain. However, finance started its own blockchain after the popularity of exchange.
Binance blockchain uses a unique consensus mechanism for the creation of tokens. The holders of BNB tokens get a special discount on Binance exchange. For instance, the trading fee is diminished by 25% if you hold BNB in your account.
BNB price has been on the rise since the start of this year. It broke price records multiple times and entered three digits for the first time.
Crypto markets are on the rise in 2021. The institutional adoption of crypto and rising interest in the defi market are making all digital assets increase in value. The total market cap of crypto has crossed 2 Trillion Dollars. Besides, bitcoin crossed the $60K market in the last week.
Many crypto analysts are speculating the altcoin season with the meteoric rise of currencies like ethereum and dogecoin. Ethereum’s price crossed 3,000 dollars on Monday. On the other hand, Dogecoin is having the time of its life with a consistent surge. It has crossed $0.60 with an 11% surge in the past 24 hours. DogeArmy is expecting for doge’s rise to a dollar.