TL;DR Breakdown
- Binance Coin is now worth over $39 billion and has become the third-largest coin.
- The BSC is also seeing more transactions today than Ethereum.
Since this week, the Binance ecosystem has been making lots of impressive records. Starting with the native cryptocurrency, the Binance Coin (BNB) has gained an exponential kind of growth, which has pushed up the market capitalization to the third-largest. Additionally, the number of transactions on the Binance Smart Chain (BSC) only kept increasing, surpassing that of Ethereum, which is rated as the top blockchain network.
Binance Coin now the third-largest cryptocurrency
Just yesterday, Cryptopolitan reported that the Binance Coin flipped Ripple‘s XRP cryptocurrency to become the sixth-largest digital currency. At that time, BNB had a market capitalization of $26.9 billion, while XRP had $25.26 billion, ranking as the seventh-largest cryptocurrency then. However, BNB rapidly surged in market value to become the third-largest cryptocurrency within 24 hours.
Per Coinmarketcap, the Binance Coin is currently trading at $253, accounting for a 39.4 percent increase in the last 24 hours and a 103.4 percent increase over the past seven days. From a circulating supply of 154,532,785 BNB, the cryptocurrency has a market capitalization of $39.1 billion. This is an impressive record, judging by the fact that BNB had a market cap of around $27 billion yesterday.
Is BSC coming for Ethereum?
The increasing price for Binance Coin follows the rush in Binance Smart Chain. The blockchain network sees massive rates of adoption and users, who are probably switching from Ethereum. Ethereum has been plagued with high transaction fees, which is causing most of the users to seek other alternatives. Today, about 2.481 million transactions have been performed under the Binance Smart Chain, while 1.298 million transactions have been performed on Ethereum.
