Binance Coin (BNB) flips Tether, becomes third-largest crypto by market cap
Riding on the recent bullish run the cryptocurrency space is witnessing the world’s largest crypto exchange digital token (BNB) has displaced Tether (USDT) to become the third-largest crypto by market capitalization.
Binance coin, according to data from Coingecko rose by 47% in the last 24 hours and traded at around $259, pushing its market capitalization to $38 billion, which invariably displaced Tether, the biggest stablecoin as the third-largest crypto.
In addition to becoming the third-largest digital asset by market cap, BNB also recorded a major increase in daily trading volumes. BNB saw its average daily trading volume set a new all-time high, increasing from $9 billion to $14 billion in 24 hours.
Reacting to the impressive growth of the digital asset Binance CEO Changpeng Zhao said the token’s recent rise has always been the exchange goal. According to him, Binance has been nurturing the asset to grow a bit faster than BTC.
He said, “#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 three and half years. Many thanks to our community, team, and @BinanceAngels.”
#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. ??? pic.twitter.com/P5oJrNus6J
— CZ ? Binance (@cz_binance) February 19, 2021
Binance’s PancakeSwap growth
Meanwhile, the Binance token has not been the only exchange feature recording incredible success. Binance Smart Chain-based decentralized exchange (DEX), PancakeSwap, has also recorded a massive growth record.
Pancakeswap, a decentralized finance project that rivals the likes of Ethereum-based Uniswap and SushiSwap. It recently displaced Uniswap to become the largest decentralized exchange by trading volume.
There is one flippening left. pic.twitter.com/4DwLlAtkyf
— PancakeSwap ? #BSC (@PancakeSwap) February 19, 2021
At the time of writing, PancakeSwap’s current average daily trading volume stands at $1.6 billion, followed by Uniswap with $1.2 billion, according to CoinGecko.
Notably, Pancakeswap enables clients to perform peer-to-peer transactions faster and cheaper when compared to other expensive Ethereum DEXs. Unlike other Ethereum DEXs whose fees can get as high as $1,000 Pancakeswap offers low fees and high speeds.
Additionally, the BNB surpassed Tether (USDT) and managed to beat Cardano and Polkadot. It currently seats behind Bitcoin and Ethereum respectively in third place.