Binance Coin (BNB), a cryptocurrency issued by Binance, the world’s largest crypto exchange, has become the third-largest coin by market capitalization for the first time in history with a price of $293.60 USD with a 24-hour trading volume of $15,950,493,069 USD. The current CoinMarketCap ranking of BNB is #3, with a market cap of $45,370,092,495 USD.
It has been reported that Binance Coin overtakes Tether to become this position after Bitcoin and Ether.
However, Binance Coin’s entrance to the top three coins by market cap follows a massive rally.
The report said that BNB recorded a major surge on February 18, outperforming XRP and becoming the sixth largest coin, following Polkadot (DOT) and Cardano (ADA).
Tether is no longer the third-largest cryptocurrency by market cap as #BNB has overtaken the stablecoin following massive gains. https://t.co/6i6axP5QSf — Cointelegraph (@Cointelegraph) February 19, 2021
Likewise, BNB’s surge comes amidst the success of Binance Smart Chain-based decentralized exchange, PancakeSwap. The decentralized finance (DeFi) platform has seen some parabolic growth in the past weeks by overtaking Uniswap as the largest decentralized exchange by trading volume the same day.
Changpeng Zhao (CZ), the CEO of Binance, noted that BNB has been setting new all-time highs not only in fiat terms but also in relation to the world’s largest cryptocurrency, Bitcoin (BTC).
“From a humble 0.00001 BTC per BNB, we have grown 480x against BTC in the last 3 and half years.”
Thus, he added:
“This has always been our goal, to grow a bit faster than BTC. Not over taking it, but with so much effort we put in, we want to see it grow a bit faster. Otherwise, we should just buy BTC and not work.”