Cryptocurrency, Bitcoin, got a new competitor, namely Binance Coin (BNB). Binance Coin managed to strengthen its position after gaining 53 percent in the last seven days so that it is ranked third after Bitcoin and Ethereum.
Quoting from Bloomberg, Thursday (15/4), Binance Coin has a market capitalization of US $ 87 billion, based on data from CoinGecko.com. That makes it the third most valuable cryptocurrency after Bitcoin. Its capitalization of US $ 1.1 trillion and Ethereum of US $ 252 billion.
BNB managed to overtake Tether and other digital coins, underscoring the growing importance of BNB in the crypto ecosystem.
“BNB has not matched the prices of Bitcoin and Ether last year. So this is a positive alignment and milestone to outperform it (Bitcoin and Ether),” said the co-founder. Nexo cryptocurrency lender Antoni Trenchev.
Binance Coin Can Break $1,000
Antoni estimates that the Binance Coin price can break nearly US $ 1,000. BNB itself was trading at the level of US $ 562.42 at 14:51 in Hong Kong on Tuesday (13/4).
Moreover, BNB has many benefits in that. We can trade it using a loyalty system which reduces trading prices. Furthermore, Binance Coin trading volume also exploded as Bitcoin shot to new highs.
What’s more, in August 2020, Binance started a Smart Chain which is an Ethereum competitor that can be used for applications such as finance. Covers, lending and trading with lower transaction costs.
This has resulted in a number of applications that used to only run on Ethereum, have started using the Binance Smart Chain.
Currently, Binance has set aside US $ 100 million to scale up projects on the blockchain. Additionally, more than 300 projects have been built on the Binance Smart Chain.
Binance Coin users have invested approximately US $ 31 billion in the Binance Smart Chain. In comparison, the funds invested in applications on DeFi via Ethereum totaled US $ 52 billion.
