Binance Coin Market Cap Surpasses $100 Billion for the First Time Ever

Key highlights:

  • BNB reached a $100 billion market cap for the primary time ever
  • BNB is the third largest crypto asset by market capitalization
  • Binance Sensible Chain is gaining traction as an alternative choice to Ethereum

BNB reaches $100 billion market cap

BNB, the trade token of Binance and the native asset of Binance Sensible Chain (BSC), has reached a market capitalization of $100 billion for the primary time in its historical past. The coin recorded a brand new all-time excessive at round $656 earlier immediately after shortly spiking from the $635 value degree.

BNB’s $100 billion milestome highlights the dimensions of coin’s ascent this yr. Despite the fact that Bitcoin is value over $1 trillion now, its market capitalization briefly dipped under $100 billion in March final yr within the market-wide crypto crash. Ethereum spent everything of 2020 with a market cap of lower than $100 billion. 

Binance Coin is now up a whopping 1,621% since January 1. Observe the BNB trade price reside on CoinCodex.

Moreover being the token issued by the world’s largest cryptocurrency trade, BNB additionally benefited tremendously from the Binance Sensible Chain’s rise in recognition. Binance Sensible Chain is basically a extra centralized model of Ethereum the place customers could make transactions at excessive speeds and comparatively low prices. BSC has change into the blockchain of alternative for a lot of cryptocurrency and DeFi fanatics who’ve been priced out of utilizing Ethereum as a result of its excessive transaction charges. 

In line with defistation.io, the overall worth locked (TVL) of DeFi initiatives on Binance Sensible Chain is at present ar $47.19 billion. In the meantime, defipulse.com exhibits that the TVL of DeFi initiatives on Ethereum is $72.42 billion.

The most important challenge on BSC when it comes to TVL is Venus, which shares a number of options with the Ethereum-based protocols Maker and Compound. The second largest is PancakeSwap, which is an automatic market maker just like Uniswap. 

Nevertheless, it’s not like ETH has been struggling on the expense of BNB’s success. ETH additionally reached a brand new all-time excessive immediately at just below $3,200. 

Whereas DeFi protocols on Binance Sensible Chain booming, they’re additionally changing into a gorgeous contract for attackers. Final week, BSC-based Uranium Finance misplaced $50 million in an exploit, whereas Spartan Protocol was exploited simply yesterday to the tune of $30 million.

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