Binance Coin (BNB) jumped nearly 10% on Thursday as the world’s 3rd most valuable cryptocurrency regained the market cap of $90 billion.
According to the latest data published by Coinmarketcap, Binance Coin is now up by more than 1,500% since the start of this year. BNB started this year at a price level of approximately $37. As of writing, BNB is trading near $600 with a market cap of $91 billion.
BNB is now more valuable than some of the leading financial firms worldwide including French banking giant, BNP Paribas. The latest jump in Binance Coin shows that the cryptocurrency is now eyeing another all-time high above $650.
Digital exchange Binance, the company behind Binance Coin (BNB), recently expanded its stock token listings with the addition of three new tokenized stock pairings. Earlier this month, Binance announced the listing of Coinbase stock tokens.
Binance exchange has seen significant growth in the last few months amid a surge in demand for crypto trading. In January 2021, Binance Research released a report on the cryptocurrency market and mentioned that 60% of cryptocurrency users prefer exchanges to store their digital assets.
Performance of Binance Coin
The world’s 3rd largest cryptocurrency has already gained more than 100% since the start of April. Binance Coin crossed the market cap of $50 billion in the first week of April. One of the major reasons behind the latest surge in demand for BNB is that Binance has burnt a record number of BNB tokens this year. “When you burn coins, they are taken out of circulation forever. It increases the value of the remaining coins,” Binance CEO, Changpeng Zhao mentioned on Twitter earlier this month.
Binance Coin now accounts for more than 4% of the total market cap of digital currencies. The latest surge in BNB and ETH has caused a sharp drop in the market dominance of Bitcoin. The total market cap of cryptocurrencies crossed $2.1 trillion on Thursday.