If Satoshi Nakamoto hadn’t invented Bitcoin (BTC), would CZ have? The Binance Coin (BNB) becomes the 3rd crypto in terms of market capitalization.
BNB vs BTC
Binance Coin becomes for the first time in its history the 3rd largest crypto in terms of market capitalization.
According to CoinGecko’s data, its market cap has reached $38 billion, surpassing Tether’s (USDT) by about $5 billion.
The BNB is trading at USD 257 at the time of writing; it has recorded a 47% increase in the last 24 hours, and 107% in the last 7 days.
The daily trading volume of the NBB has also exploded, reaching a new ATH of USD 14 billion on 19 February 2021.
The NBB’s bullish rally is due in part to the success of the Binance SmartChain’s DEX, the PancakeSwap.
The PancakeSwap has experienced a parabolic rise in recent weeks. It even outperformed Uniswap in terms of trading volume on February 18, 2021.
According to data from CoinGecko, PancakeSwap’s average daily trading volume currently stands at $1.6 billion.
Changpeng Zhao said that the NBB has not only reached a new ATH compared to fiats, but also compared to Bitcoin.
The price of the NBB in relation to the price of Bitcoin is said to have increased 480-fold in the last 3.5 years.
An overview of the Binance Coin
The Binance Coin was established in 2017. It allows Binance users to save money on the platform by taking advantage of discounts on transaction fees, withdrawal fees, and other fees.
As of July 2020, it still ranked 8th in terms of market capitalization.
The NBB can be used for various purchases – TravelbyBit accepts payments in NBB to book flights or hotel stays.
Binance has provided for periodic burns of tokens, in order to avoid a depreciation of the NBB.
Eventually, the total offer of BNB will increase from 200 million tokens to 100 million tokens.
Will BNB be able to exceed the Ether (ETH) in terms of market capitalisation? Changpeng Zhao is gradually asserting its dominance in the cryptosphere. Binance Coin has the advantage of combining utility and scarcity – which increases thanks to periodic burn. Vitalik Buterin risks to go off the rails again if CZ manages to offer better than ETH2 to ensure the development of DeFi in the long term.
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