BNB ranked third in terms of capitalization after growing 50% per day

Binance Coin (BNB) grew more than 50% in 24 hours to $ 270 and took the third place in the top ten cryptocurrencies by market capitalization amid the success of DEX PancakeSwap powered by Binance Smart Chain.

According to CoinMarketCap, the market cap of BNB, Binance’s own cryptoasset, has surpassed $ 41 billion, placing Binance Coin in third place in the top 10 cryptocurrencies, displacing USDT.

At the same time, the daily growth in the value of the cryptoasset amounted to more than 50% – yesterday Binance Coin was traded for $ 160, and today the price of BNB has reached an all-time high of $ 270. At press time, BNB is trading at $ 265.

Along with the skyrocketing market capitalization, BNB saw a significant surge in daily trading volumes, bringing Binance Coin’s average daily trading volume today to a new record of $ 14 billion, up from $ 9 billion yesterday.

BNB’s rise came amid the success of the PancakeSwap Decentralized Exchange (DEX) powered by Binance Smart Chain. The DeFi platform has seen rapid growth in recent weeks, overtaking Uniswap to become the largest DEX by trading volume yesterday. According to CoinGecko, PancakeSwap has an average daily trading volume of $ 1.6 billion, up from $ 1.2 billion on Uniswap.

Binance CEO Changpeng Zhao noted that BNB is setting new highs not only with fiat currencies, but also BTC. “From a modest 0.00001 BTC for BNB, we have grown 480 times in three and a half years”, – wrote
Zhao. This dynamic of BNB paired with BTC was the main goal of Binance:

“Our goal has always been to grow slightly faster than BTC. Otherwise, we would have to just buy BTC and stop working. ”

Meanwhile, the cryptocurrency market continues its bullish rally. The other day, on the third attempt, Bitcoin broke the $ 50,000 barrier. Now the largest cryptocurrency is trading at about $ 52,600.