BNB, the native token of crypto exchange giant Binance, has become the third-largest crypto by market capitalization for the first time as its price rally continues. Data from CoinGecko and Binance-owned CoinMarketCap show that BNB’s market capitalization has surpassed that of Tether around 4:00 UTC on Friday. At the time of writing, BNB’s market cap stands at $36.6 billion. Binance’s token has mostly remained as one of the top 10 coins by market cap in the past.
BNB continues to surge as it trades near $240.
Binance’s native token BNB is changing hands at $247, almost 45% up in the last 24 hours at the time of writing. CoinMarketCap’s most recent showed that BNB was ranked at the 3rd spot back then when its price was changing hands at around $247. Less than a month ago, BNB was changing hands at just $40, while it was ranked at the 10th spot by market capitalization. The price has almost six-folded within weeks. The entire crypto market has seen a frenzy in the last few with bitcoin and other cryptocurrencies witnessing a massive bull run.
Binance uses BNB as the native token for its Binance Smart Chain.
One of the main features that Binance created for BNB since September is using it as the native token for its Binance Smart Chain that seeks to take advantage of the boom of decentralized finance. Binance CEO earlier tweeted, “BNB not only made ATHs in fiat terms, it just reached ATH against BTC as well. From a humble 0.00001 BTC per BNB, we have grown 480x against BTC in the last three and half years.” Along with BNB, the world’s leading cryptocurrency bitcoin has also been witnessing a massive winning rally.