Binance’s own token rate climbed to new all-time highs above $ 45 on Monday. At the time of publication, BNB has a capitalization of $ 6.7 billion, which makes it the 11th largest asset in the crypto market.
The growth comes in anticipation of the next quarterly BNB token burn this Tuesday. Its value is still unknown, but The Block analyst Larry Cermak expects it to double the previous maximum recorded in the third quarter of 2020 at $ 68 million.
“Why? In the fourth quarter, Binance spot trading volumes increased by more than 50% and futures volumes by more than 140%, ”Chermak writes.
It is noteworthy that, despite the new highs, BNB lags behind many other exchange tokens in the last week with a rise of 17.7%. Huobi Token, for example, was up 25.7% and FTX Token was up 26.3%. They, however, also fall short of automated market maker protocols such as Uniswap and SushiSwap, which are enjoying renewed interest in the decentralized finance space, growing 76.6% and 86.9%, respectively.
Previously, Binance CEO Changpeng Zhao said that his company expected to end 2020 with profit in the range of $ 800 million to $ 1 billion.
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