As one of the top three most valuable cryptocurrencies, Binance Coin has overtaken both Bitcoin and Ether in terms of market capitalization.
Bitcoin and Ether rival Binance Coin (BNB), the third largest cryptocurrency by market capitalization, has been outpaced by BNB. This year, Binance currency has gained approximately 1,298 percent in value (year-to-date).
There is a lot of BNB trading on Binance, the world’s most popular cryptocurrency exchange. Smart contracts that can be used in Decentralized Finance (DeFi) and other applications can be built on the Binance Smart Chain platform.
It’s also worth noting that Ether has soared more over 403 percent in the same time span, making it the second most popular cryptocurrency.
As a result of financial technology businesses adopting blockchain technology and the growing popularity of non-fungible tokens (NFTs) in the art and gaming industries, Ether has surpassed Bitcoin.
What you should know about Binance Coin (BNB)
With the goal of elevating cryptocurrency exchanges to the forefront of global financial activity, Binance was established in July 2017. This new financial paradigm, known as Binary Finance, is what inspired the name Binance.
Besides becoming the world’s largest cryptocurrency exchange, Binance has built a complete environment for its consumers. For example, the Binance Chain uses blockchain technology to offer new-age finance to the world, as do Binance Smart Chain, Binance Academy, and Trust Wallet. For many of Binance’s side projects, Binance Coin is essential to the smooth operation of the network.
What sets Binance coin apart
Blockchain technology underpins the decentralized Binance ecosystem. It has grown to be the most popular cryptocurrency exchange in a number of countries, and its spinoff companies are also attracting considerable interest.
One of Binance’s most important competitive advantages is its relentless pursuit of innovation. Originally a cryptocurrency exchange, Binance has since branched out into a number of different businesses. As stated on the company’s website, the company’s goal is to provide infrastructure services to the whole blockchain ecosystem.
Increased investor interest in Binance Coin has been a side benefit of the exchange’s debut of the currency. In early 2021, the price of BNB surged significantly, putting it on the radar of institutional investors.