The price of the Binance Coin (BNB), the cryptocurrency of the huge crypto exchange Binance, continues to rise. It is the biggest riser in the crypto market in the last 24 hours on April 12.
The BNB price rose a whopping 28% since yesterday afternoon from around $ 471 to a new all-time high (ATH) of $ 603, and at the time of writing it looks set to continue for a while.
The BNB price already saw a huge increase in February, but corrected again in March. BNB’s current rally started on March 26, when the price was still around $ 234. So that’s an increase of more than 150% in less than three weeks. The price is even 1.300% in the plus since the beginning of February.
That means that the Binance Coin now has a market cap of a whopping $ 92 billion. According to data from Asset Dash, BNB has shot up 34 places to position 136 on the world’s largest assets list. BNB could soon be the third crypto ever to break market cap by $ 100 billion.
The Binance Coin owes its success to the fact that Binance is one of the largest crypto exchanges in the world and offers BNB a discount on the trading platform as well as being required to participate in services such as the Launchpad platform. The story of BNB by Binance itself:
The huge price increase this year is probably mainly due to the success of the Binance Smart Chain and the launch of decentralized finance (DeFi) on BSC. The success of this is perhaps due to the rising transaction costs on Ethereum (ETH). However, BSC also receives a lot of criticism, because it would be very central for a network that should actually be “decentralized”.
Today on Crypto Insiders you could read how Messari researchers are lashing out at the centralization of BSC. Recently, Binance CEO Changpeng Zhao said he has nearly 100% of his holdings in crypto.