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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

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

Tony "The Bull" Severino
Tony "The Bull" Severino
4 years ago
3 mins read
binance coin bnb

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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.

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

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
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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