Binance Coin (BNB) is spinning freely


Binance’s soaring is no longer stopping. With the exchange, the smart contract platform Binance Chain and the associated BNB token are also sailing to new shores and giving investors top returns. What’s behind the boom.

Binance Coin (BNB) is running away from the competition. The third largest cryptocurrency by market capitalization has gained 70 percent in value within the last seven days and is currently at a price of around 590 US dollars. In terms of market capitalization, the proof-of-stake coin is slowly but surely becoming dangerous for competitor Ethereum (ETH). After all, the market currently values ​​BNB at a good 91 billion USD. However, ETH still has a market capitalization that is almost three times as high, at USD 248 billion.

In the annual chart, BNB’s performance is no less impressive. The coin, which forms the heart of the Binance Smart Chain, has already gained a whopping 1,464 percent since the beginning of 2021. This is a record. In the crypto top 10, BNB is also the absolute top performer and even beats Bitcoin (BTC) by far.

Ethereum stumbles

The reasons for the ongoing bull run are easy to identify. With a volume of USD 36 billion, Binance is still by far the most liquid Bitcoin exchange on the planet. For comparison: Coinbase comes in second place “only” on a normalized volume of 2 billion USD. So if you want to participate in the soaring exchange without having to buy securities such as the Coinbase shares that will be issued soon, you have done well with BNB so far.

Furthermore, BNB should benefit from problems related to competitor Ethereum. Because recently the second largest cryptocurrency groaned under horrific transaction fees (so-called gas fees), which make the use of certain smart contracts economically impractical. The Binance Chain is in position to overtake ETH from its slipstream.

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BNB should also benefit from the chaotic implementation of ETH 2.0. It is still not clear when the network will be converted to Proof-of-Stake (PoS). Meanwhile, competitor BNB is running fine under the alternative consensus mechanism.

Meanwhile, Binance is constantly expanding its product range. We are currently receiving the news that the Bitcoin exchange, which after an odyssey through the world finally found a home port in Malta, is now also doing stocks. Customers can now trade synthetic securitisations of shares in token form on the platform. The Press release According to Binance denominates the securities in the in-house stablecoin BUSD and even enables fractional securities to be traded. First, the exchange founded by Changpeng Zhao is launching Tesla shares, one of the best-performing stocks of the past year.