Binance Coin (BNB) surged nearly 10% on Thursday as the world’s third most expensive cryptocurrency regained a market cap of $90 billion.
According to updated data released by CoinMarketCap, the price of Binance Coin has risen more than 1,500% since the beginning of the year. At the time of writing, BNB is trading at around $600, with a market cap of $91 billion.
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BNB is now worth more than some of the world’s top financial institutions, including French giant BNP Paribas. Binance Coin’s recent rally shows that the cryptocurrency is now expecting another all-time high above $650.
Binance Digital Exchange, the company that supports Binance Coin (BNB), recently expanded its list of exchange tokens by adding three new tokenized share pairs. Earlier this month, Binance published a list of tokens traded on the Coinbase exchange.
The Binance Exchange has seen significant growth over the past few months amid surging demand for cryptocurrencies. Binance Research released its Cryptocurrency Market Report in January 2021, stating that 60% of cryptocurrency users prefer exchanges to store their digital assets.
Binance Coin’s Performance
The world’s third-largest cryptocurrency has already grown by over 100% since early April. Binance Coin broke the $50 billion market cap in the first week of April. One of the key reasons for the recent surge in BNB demand is that Binance has burned a record number of BNB tokens this year. Binance CEO Changpeng Zhao said earlier this month that burning a coin permanently removes it from circulation. This increases the value of the remaining coins.
Binance Coin currently accounts for more than 4% of the total digital currency market cap. The recent rise in BNB and ETH has drastically reduced Bitcoin’s market dominance. On Thursday, the total market cap of cryptocurrencies crossed $2.1 trillion.
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