Binance Coin Crosses $50 Billion Market Cap

Binance Coin (BNB) became the third digital currency in the world to reach a market cap of $50 billion after BNB jumped nearly 25% in the last 7 days. As of writing, BNB is trading near $350 with a market cap of more than $53 billion.

According to the latest data published by Coinmarketcap, Binance Coin is the 3rd most valuable digital currency in the world after Bitcoin and Ethereum. BNB has gained significant value since the start of this year as the digital currency jumped nearly 800% in the last 13 weeks.

Binance Coin was created and launched by digital exchange Binance in 2017. Several crypto organizations around the world are accepting BNB as a payment method. BNB started this year at a price level of approximately $37.

Due to the recent rise in the price of Binance Coin, crypto whales have started moving the digital currency in large amounts. Blockchain and crypto analytics platform, Whale Alert reported a transaction worth $5.7 million today involving a transfer of 16,500 BNB from Binance to FTX.

Binance Coin remained one of the best-performing digital currencies among the top 5. BNB is now up more than 50% in the last 30 days. Cryptocurrency Polkadot and Ethereum have performed well in the last month. The world’s top 5 digital currencies include Bitcoin, Ethereum, Binance Coin, Tether and Polkadot. Tether’s current market cap stands at around $42 billion, followed by Polkadot (DOT) at $39 billion. Bitcoin remained the world’s largest cryptocurrency by market cap with a total value of nearly $1.1 trillion. The overall market cap of digital currencies stands at around $1.92 trillion, which is up from $750 billion at the start of this year.

According to the latest report published by Binance Research, around 60% of global crypto users prefer exchanges to store their digital assets. Furthermore, the exchange mentioned that 52% of users consider crypto as a source of income, and 55% own digital assets as part of a long-term investment strategy.

(Photo: ССNULL)

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