TL;DR Breakdown
- Binance Coin reaches new all-time high.
- Bitcoin Cash drops to tenth on ranking of cryptocurrency with largest market cap.
Popular crypto exchange, Binance‘s native token, Binance Coin, has seen its value surge to a new all-time high which culminated in its market cap overtaking that of Bitcoin Cash. Available data from Tradingview has shown that BNB is now the ninth-largest cryptocurrency by market cap.
BNB and other altcoins records surge in their value
The coin hit a value of $55 before its value corrected to just below $54. The Binance trading platform itself has also recorded a high volume of trading as it appears that the alt-season might be upon us again.
During this period, we have seen the value of Dogecoin rebound after a tweet from the world’s richest man, Elon Musk, was taken to mean a buy signal from traders. This resulted in massive purchase of the asset which increased the coin’s value by 50% again.
Changpeng Zhao, the CEO of the firm, also reported that “isolated latencies” were being observed on their system. However, Binance is not the only crypto exchange experiencing a surge in its traffic as other exchanges have also reported an increase in theirs too. This can be linked to the bull run of the crypto industry and the considerable attention the industry has enjoyed lately.
Bitcoin Cash losses spot to BNB
The victim of BNB’s new all-time high is Bitcoin Cash, which has now been relegated to the tenth position on the table of the ranking of the largest crypto assets by market cap. Bitcoin Cash has become increasingly endangered, as it could lose its status as being one of the top ten assets to eleventh placed Stellar Lumen which is just $700 million behind it.
Binance pay supports BNB and other crypto assets
In other news, Binance pay, a new product of the crypto exchange now supports BNB and other cryptocurrencies like Bitcoin, Ethereum, Binance USD, Swipe Token and the Euros. The platform launched its beta version earlier this week.
