Binance Coin (BNB), a cryptocurrency issued by the world’s largest cryptocurrency exchange Binance, has made a major milestone, becoming the third largest coin by market value for the first time in history.
At the time of writing, BNB has a market cap of $ 38 billion, outpacing the largest stable Tether currency (USDT) by nearly $ 5 billion, according to data from crypto tracking source CoinGecko.
Binance Coin is trading at $ 257, up 47% in the past 24 hours and up by 107% over the past seven days at press time.
Alongside the driven growth in market cap, BNB also saw a significant rise in daily trading volumes, which saw Binance Coin’s average daily trading volume hit a new all-time high of $ 14 billion today, up from around $ 9 billion just yesterday.
Binance Coin’s entry into the top three coins by market value comes on the heels of a massive rally. As reported by Cointelegraph, BNB posted a huge rally yesterday, overtaking XRP and becoming the sixth largest coin, after Polkadot (DOT) and Cardano (ADA).
The BNB boom comes amid the success of the decentralized exchange based on Binance Smart Chain, PancakeSwap. The decentralized financing platform has seen some equivalent growth in recent weeks, overtaking Uniswap as the largest decentralized exchange in terms of trading volume yesterday. At the time of writing, PancakeSwap’s average daily trading volume is $ 1.6 billion, up from $ 1.2 billion on Uniswap, according to CoinGecko.
Changpeng Zhao, CEO of Binance, pointed out that BNB has hit an all-time high, not only legally, but also in regards to the world’s largest cryptocurrency, Bitcoin (BTC). “From a modest 0.00001 BTC per BNB, it has grown 480x versus BTC in the last 3 and a half years,” Zhao Wrote. He said that BNB’s performance against BTC was Binance’s main goal:
“This has always been our goal, to grow a little faster than BTC. It’s not overly acquired, but with a lot of effort, we want to see it grow a little faster. Otherwise, we just have to buy bitcoin and not work.”