Shooting 27% BNB price has surged past $600 for the very first time. With the surge, Binance Coin has registered nearly 1300% gains year-to-date beating some of the biggest traditional banking institutions.
Ethereum competitor and the world’s third-largest cryptocurrency Binance Coin (BNB) has registered a solid price rally. The Binance Coin (BNB) price has shot up all the way above $600 hitting its new all-time high. At press time, BNB is 22% up trading at $603.99 with a market cap of $93.5 billion.
Binance Coin (BNB) has witnessed an unprecedented rally surging more than 14x or 1300% year-to-date. Over the last week, the BNB price has skyrocketed further surging more than 100% in just seven days. The Binance Coin (BNB) price rally comes as the DeFi activity on the Binance Smart Chain (BSC) surges to new highs.
This happens as the Ethereum network faces major congestion with exploding DeFi activity since the beginning of the year. Simultaneously, the ETH gas fee has also skyrocketed in recent times. Hence more and more DeFi players have been moving to the Binance Smart Chain in recent times.
As per last week’s update, the Binance Smart Chain (BSC) now processes nearly 5 million daily transactions. This is four times what the Ethereum blockchain can process.
New ATH of #BinanceSmartChain
Nearly 5 Million Txs ~4 times of #Ethereum
Source: https://t.co/XX7sdJ2nT8 pic.twitter.com/NSNfMf2DAb
— Binance Chain Community (@BinanceChain) April 9, 2021
Apart from the high DeFi activity, the recent BNB price rally has been also boosted by the latest tweet from Binance founder Changpeng Zhao who suggested the upcoming token burn.
When you burn coins, they are taken out of circulation forever. It increases the value of the remaining coins.#BNB 🔥 in a few days!
Not financial advice!
— CZ 🔶 Binance (@cz_binance) April 11, 2021
Amid Growing Price BNB Valuations Overtake Banco Santander and UBS
As of writing this story, the Binance Coin (BNB) valuations stand at $91 billion as it further cements its position as the world’s third-largest crypto. With the latest price rally, the BNB valuations can possibly surge to $100 billion in a short time.
However, even at the current valuations, BNB has surged past some of the traditional banking institutions like Banco Santander and UBS. Probably, Binance Coin valuations have also exceeded that of Coinbase which is heading for a public listing on Nasdaq ahead this week on April 14.
Track value locked on Ethereum and Binance Smart Chainhttps://t.co/2v2VhI2l1O pic.twitter.com/iopOf3V6fZ
— The Block (@TheBlock__) April 11, 2021
Binance Coin has emerged as a formidable player and a challenger to Ethereum in no time. Besides, it has been swiftly closing the gap with ETH as well. However, Ethereum still has the lion’s share when it comes to dominating the DeFi marketplace.
Above you can see the comparison between Ethereum and BSC in terms of total value locked. As it is shown, the TVL for Ethereum is three times that of Binance Smart Chain (BSC).
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
