Binance Coin (BNB) added more than 20% in its price during the last 7 days and touched an all-time high of approximately $680 yesterday. The world’s 3rd largest cryptocurrency crossed the market cap of $100 billion today after a jump of nearly 3% in the last 24 hours.
Binance Coin is only the third digital currency to achieve a market cap of $100 billion after Bitcoin and Ethereum. BNB is up by more than 100% in the last 30 days. The cryptocurrency crossed the market cap of $50 billion during the first week of April 2021.
BNB’s market dominance has increased significantly since the start of 2021. Binance Coin now accounts for nearly 4.5% of the total crypto market cap, which is its highest level on record. On 1 January 2021, Binance Coin was trading at around $37. The digital currency is now up by more than 1,750% within the last 4 months which makes it the best-performing cryptocurrency and is among the top 3.
The total market cap of BNB is now greater than several financial services companies, including S&P Global and BNP Paribas.
Binance Coin’s Network Activity
BNB’s on-chain activity has gained momentum due to the latest surge in the price of Binance Coin. Trading volumes along with the number of BNB transactions have increased substantially during the last few months. BNB remained one of the most popular trading assets among retail and institutional traders in the latest crypto rally. The recent surge in BNB accelerated the liquidation of short BNB positions. According to the latest data published by crypto Analytics platform Bybt.com, nearly $10 million worth of short BNB positions got liquidated in the last 24 hours.
In his latest tweet, Changpeng Zhao, CEO of digital exchange Binance, highlighted the importance of knowledge about BNB’s ecosystem and asked people to learn about Binance Coin. “Don't buy BNB if you haven't spent more than 3 full days learning about it. Its ecosystem is large and will take a while to understand. Don't just buy it because its price has been going up,” Zhao tweeted.
