Move over Tether and make way for Binance Coin (BNB), a token issued by the leading cryptocurrency exchange BNB.
BNB has become the third-largest cryptocurrency by market capitalization for the first time in history after flipping the stablecoin Tether.
BNB is up more than 50% in 24 hours
The exchange-issued token surged more than 50% in the last 24 hours as it trades above $300.
The token, taking after bitcoin in smashing records, has a market cap of $47 billion, and outstrips Tether by at least $13 billion.
The token has skyrocketed 128% over the past seven days at the time of writing.
Binance Coin’s surge and entry into the top three follows a surge of massive rallies that have seen the token outrank XRP, Polkadot, and Cardano.
The parabolic rise of BNB comes amid the success of PancakeSwap, a decentralized exchange based on the Binance Smart Chain.
The decentralized exchange has overtaken UniSwap as the largest decentralized exchange by trading volume.
According to CoinMarketCap, a crypto data aggregator service acquired by Binance in 2020, PancakeSwap achieved a trading volume of $1.8 billion in the last 24 hours while Uniswap managed $882 million in the same period.
Binance founder and CEO Changpeng Zhao tweeted that Uniswap should consider moving to the Binance Chain.
As expected, Zhao, better known as CZ within the crypto community, appreciated BNB’s surge and noted that the token was not only making an ATH against fiat but against BTC as well.
He added that BNB has grown 480x times in the last 3.5 years.
#BNB not only made ATHs in fiat terms, it just reached ATH again #BTC. From a humble 0.00001 BTC per BNB, we have grown 480x against BTC in the last 3 and half years. Many thanks to our community, team, and @BinanceAngels. 🙏🙏🙏 pic.twitter.com/P5oJrNus6J
— CZ 🔶 Binance (@cz_binance) February 19, 2021
While BNB is making its own history, bitcoin reached another major milestone after its market cap surpassed $1 trillion, and is now more than 21 times bigger than Binance Coin in terms of market cap.
In another tweet, CZ said it has always been their goal “to grow faster than BTC.”
Is Binance Chain eyeing Ethereum?
As Ethereum continues to dominate the decentralized finance (DeFi) scene, the Binance Smart Chain could offer some real competition to Ethereum.
In terms of price action, Ethereum has been on a tear and is now threatening to surge past $2,000.
Ethereum’s market cap of $225 billion is about four times bigger than that of BNB.