How Binance Coin overtook Tether to third-largest crypto market cap

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In a development that shocked many in the world, the famous exchange token Binance Coin (BNB) turned Tether (USDT) into the third-largest cryptocurrency on the $39 million market cap charts. In reality, BNB’s price hit a fresh all-time high of $276 earlier today, with crypt correcting marginally and trading at $254 at press time.

According to CoinMarketCap, Binance’s native token has risen by 39 per cent in the last 24 hours, with BNB racing alone at more than 100 per cent in the last week.

 

Changpeng Zhao, Binance’s famous CEO, was swift to tweet about the token’s impressive price rally earlier today. Growing faster than Bitcoin has always been the goal, he said, adding that this was one goal the team was working towards.

“Otherwise, we should just buy BTC and not work.”

It should be noted, however, that CZ made a cautious note noting that BNB is still a small market cap coin and therefore has more inherent risks than market-leading cryptocurrency, despite its potential for higher development.

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Since BNB started rallying a few weeks ago, many have been trying to find out the reasons behind it. In reality, many prominent crypto-proponents have reduced BNB’s price increase to the growth of the Binance Smart Chain (BSC), which has recently reported a huge increase in transactions.

Due to record-high gas charges on the Ethereum network, several users have defined an acceptable solution for transactions on the Binance Smart Chain. In reality, just recently, the network reported seeing more than 2 times the volume of transactions on the Ethereum network.

Binance Smart Chain ventures are also doing well, with Pancakeswap being a prime example. According to CoinGecko, its volumes have increased by more than 2,800 per cent since the beginning of the year.

Not everybody is persuaded that BSC will proceed on its current course, but many users point out that it is a centralised network and will be subject to the disadvantages of being one.

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On the contrary, others like Qiao Wang’s DeFi Alliance claim that BSC is not getting enough coverage, with Wang adding that “Legit teams are building on it.”

Curiously, earlier today, Binance suspended deposits and withdrawals on Binance Smart Chain for an hour of maintenance reasons.

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