Binance Coin (BNB) erupts above $300 as the whole Smart Chain ecosystem soars
Tokens from the Binance Chain ecosystem are surging today, led by Binance Coin’s (BNB) own example—which broke above $300 today, according to CryptoSlate’s Binance Smart Chain sector data.
The level of $300 is yet another major milestone BNB is storming in just over a week. On February 9, the coin’s price spiked above $100—an impressive achievement by itself, but one that was overshadowed as BNB more than doubled it just nine days later.
Today, the coin peaked at roughly $330 as its market capitalization exceeded $40 billion. The latest price rally pushed BNB to 3rd place among the largest cryptocurrencies—right behind Bitcoin (BTC) and Ethereum (ETH).
At press time, BNB is trading at around $309.90, up 58% on the day and +105% on the week. In total, the coin saw some phenomenal growth over the past 30 days, gaining more than 500% over the last 30 days.
The Binance Chain sector as a whole is up 96% over the past seven days.
The growing number of use cases
One of the main factors that contribute to BNB’s appreciation is the growing number of other skyrocketing platforms based on Binance Chain and Binance Smart Chain (BSC). For example, PancakeSwap—a decentralized trading platform (DEX) that allows users to swap various tokens—swiftly rose to prominence lately. While it has its own token—CAKE—it is also using BNB for liquidity pools.
I believe #BSC has passed the tipping point. Now all the wallets and other tool makers will want have better and native support for #BSC, and not just a #ETH variant. Virtuous cycle now.
— CZ ? Binance (@cz_binance) February 18, 2021
After its daily trading volume exceeded $1.58 billion today, PancakeSwap became the largest DEX by this metric, pushing Ethereum-based Uniswap to 2nd place. CAKE is also deep in the green zone, trading at $17.5. The token is up 51% on the day and 170% on the week.
Venus (SVX) is another platform in the BSC ecosystem that has been blowing its competition out of the water lately. Over the last 24 hours, it generated roughly $27.5 billion in transaction volume and currently makes up 87.77% of the whole DEX sector, according to CoinMarketCap.
As CryptoSlate reported, DeFi platforms on Binance Smart Chain have been thriving over the past month thanks in large part to users fleeing Ethereum’s constantly growing transaction fees.
According to crypto metrics platform Blockchair, the average transaction fee on Ethererum has shot up above $24 recently, making the blockchain quite expensive to use for “common” crypto enthusiasts.
Explore the Binance Smart Chain ecosystem on CryptoSlate.
At the time of press, BNB is ranked #3 by market cap and the BNB price is up 58.82% over the past 24 hours. BNB has a market capitalization of $47.95 billion with a 24-hour trading volume of $17.15 billion. Learn more ›
BNB20 Feb at 12:45 am UTC
At the time of press, the global cryptocurrency market is valued at at $1.7 trillion with a 24-hour volume of $168.08 billion. Bitcoin dominance is currently at 61.13%. Learn more ›