BNB, the cryptocurrency owned by the largest cryptocurrency exchange Binance has become the third-largest crypto by market capitalization.
The coin surged by 50% and traded at around $271 in the last 24 hours to climb up the market cap rank. Binance is now seating at the spot of Tether, which was occupying the position of the third-largest crypto by market cap initially.
The successful growth of BNB can be linked to the surging interest in PancakeSwap, a Binance Smart Chain-based decentralized exchange that became the largest decentralized exchange by trading volume after overtaking Uniswap.
The current price of bitcoin is $52,626.15, climbing up by 2.56% in the last 24 hours. Bitcoin has a current market cap of $980.54B and market volume of $62.00B. In the last 24 hours, bitcoin has dropped to $50,821.47 and experienced a $52,954.49 high. Currently, 18,632,925 bitcoins are in circulation.
Stats and Image from Coin Desk
The CEO of Binance Changpeng Zhao took to Twitter to celebrate this new feat, stating that BNB has grown 480 times against Bitcoin.
“#BNB not only made ATHs in fiat terms, it just reached ATH again #BTC. From a humble 0.00001 BTC per BNB, we have grown 480x against BTC in the last 3 and half years. Many thanks to our community, team, and @BinanceAngels,” he tweeted.
Meanwhile, Bitcoin is still dominating the crypto industry as the largest cryptocurrency. Bitcoin almost reached the $53,000 mark as it set a new record price of $52,954.49 today.