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binance coin bnb

Binance Coin (BNB) Overtakes Tether For Third-Ranked Crypto Asset

Tony Spilotro by Tony Spilotro
2 years ago
in Binance Coin
Reading Time: 3 mins read
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Yesterday, Binance Coin closed at around $200 a coin, and within another 24 hours, the exchange token is already trading at another $100 higher.

The surge in price and corresponding FOMO has also caused the cryptocurrency token to climb the top ten assets by market cap, making it to the number three spot. Here’s why this is such a big deal for Binance and its native token.

Binance Coin Takes Third Rank in Crypto Top Ten

Binance Coin is having a record-setting month so far. February still has around a third of it left to go, and already the month is the largest candle in the asset’s history dollar for dollar.

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Related Reading | Binance Coin (BNB) Sets Record For Largest Monthly Candle Ever

The rally keeps on going, taking the price per BNB token to a high of over $300 per token as of today. At the 154 million and some odd BNB tokens in circulation, this has resulted in a $48 billion market cap, now nearly $15 billion ahead of the next closest crypto asset – the stablecoin Tether.

binance coin bnb

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BNB surpasses Tether and several other coins | CoinMarketCap

Tether’s market cap is solely supply based, as its price is tied to the dollar and doesn’t fluctuate significantly. Tether has had the number three spot for some time, taking from XRP as it sinks ever deeper down the list of top cryptocurrency by market cap.

XRP enjoyed the third rank for years once it got there, and only recently began its descent due to an ongoing lawsuit filed by the SEC against Ripple.

Binance Coin, however, was barely cracking the top ten before this month, and is now right behind only Ethereum and Bitcoin in terms of total capital.

What Is Behind The Exchange Token’s Unprecedented Comeback

As for why the token is performing so well, it is a sign of the overall demand for the crypto market as a whole. Bitcoin taking off helped propel altcoins back into an uptrend, which is now making investors money once again.

binance coin bnb

blah | BNBUSDT on TradingView.com

Chatter about coins making small fortunes, is once again luring more and more investors to altcoins. And there’s no platform that’s more so associated with altcoins, than Binance.

Binance was the place to be during the last major altcoin season, which saw Binance Coin also jump in demand. The latest monthly candle is the largest since then, suggesting that lightning is striking the exchange and related token twice.

Related Reading | An SEC Ripple Effect Leaves XRP Sliding the the Crypto Top 10

And because the exchange is so active and relies heavily on the token to underpin its massive and ever-expanding ecosystem, Binance Coin is one of the more valuable cryptocurrency tokens in the market. It is only now the market is realizing this value, and price is catching up accordingly.

Featured image from Deposit Photos, Charts from TradingView.com
Tags: BinanceBinance CoinBNBbnbbtcBNBUSDbnbusdtCoinMarketCap
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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