BNB (Binance Coin) hits an all-time high and surpasses BCH by market cap
Bitcoin Cash (BCH) is currently in danger of being ejected from the top 10 cryptocurrencies by market cap, as Binance Coin (BNB), Binance’s in-house token, hits an all-time high this week. Data from Cointelegraph Markets and TradingView confirms that BNB beats BCH to become the ninth-largest cryptocurrency on February 4, 2021.
BNB is one of the altcoins to record a significant surge in price this week, as BNB/USD briefly hit $55 before correcting to circle levels just below $54 on Thursday, Feb 4, 2021. The performance of these altcoins seems to be triggered by the trading volume on Binance itself. And traders have also gathered momentum for the long-awaited return of an “alt season.”
The action was also due to an increase in the price of Dogecoin (all thanks to tweets by Elon Musk). Binance CEO, Changpeng Zhao, also used the opportunity to promote trading on the platform. He revealed:
“All-time high on system traffic again. In fact, 3 ATHs in the last 15 minutes.”
BNB relegates Bitcoin Cash to the bottom of the top 10 cryptocurrencies
Unfortunately, the conspicuous victim of BNB’s price surge is Bitcoin Cash. The Binance Coin price surge resulted in BCH losing its place as one of the top ten cryptocurrencies by market cap. At the time of writing, Stellar Lumen (XLM), the eleventh cryptocurrency on the list, was $700 million lower than BCH, with BNB’s market cap at $8.3 billion.
Meanwhile, BNB is one of the cryptocurrencies supported by Binance Pay, the latest product of Binance, which was launched as a beta version this week. And Bitcoin, Ether, Binance USD stablecoin, Swipe Token are also available for use in the payment gateway,
In all, global exchange traffic is expanding rapidly due to the bull run, which has recently received considerable mainstream attention within the past few weeks.