Binance Coin (BNB) is now the third most valuable cryptocurrency in the world after a jump of more than 100% in the last 7 days. The total market cap of BNB crossed $38 billion today, more than Tether (USDT) and Cardano (ADA).
BNB, the token of cryptocurrency exchange Binance, has posted significant gains since the start of 2021. BNB started this year at a price level of $37 though the price registered an all-time high of $275 on 19 February. The market cap of the digital asset is up more than 500% in the last 6 weeks.
Binance Exchange has seen a rapid increase in trading volumes during the last few months amid growing interest from retail and institutional investors. The company recently released its 2021 Global Crypto User Index report and mentioned that the adoption of cryptocurrency assets has accelerated after major players showed support for the crypto market. The report also stated that nearly 60% of cryptocurrency users prefer exchanges to store their digital assets.
Binance Labs recently announced the first investment from its Polkadot ecosystem fund as the company led the latest $2.4 million funding round of Plasm Network.
Cryptocurrency Market and BNB
BNB was not even in the top 10 cryptocurrencies at the start of 2021. In December 2020, the total market cap of Binance Coin was $4 billion, compared to $38 billion now. BNB’s market cap surpassed several cryptocurrency assets including, Stellar, Bitcoin Cash, Chainlink, XRP, Polkadot, Cardano and Tether. As of writing, BNB is trading above $270 with a total market cap of $38.5 billion.
The crypto market is up more than 100% since the start of this year. Bitcoin jumped above $52,000 yesterday after posting strong gains in the last 7 days. BTC’s market dominance stands at around 60.5%. Ethereum, the world’s second-largest cryptocurrency, is now trading above $1,900 with a total market cap of more than $218 billion. The overall market cap of cryptocurrencies crossed $1.58 trillion today after adding nearly $150 billion in the last 7 days.