Amidst a developing altcoin season, Binance Coin (BNB), a utility-token of the world's most popular cryptocurrency ecosystem, Binance (BNB), has set a new record. Although the fundamentals of the run remain unclear, BNB managed to smash all of its January highs and is eyeing the $50 level.
New all-time high for Binance Coin (BNB) price
Today, Feb. 1, 2021, Binance's native asset, Binance Coin (BNB), witnessed a new all-time high. Gaining more than 10 percent in 24 hours, it hit the $49.70 level on major spot trading platforms.
In his celebratory tweet, CEO and founder of the Binance (BNB) ecosystem, Changpeng "CZ" Zhao, added that the token price is not the only indicator for Binance that reached an absolute high today.
The net traffic volume on all of Binance's services is among these record-breaking metrics. As covered by U.Today recently, Binance admitted some delays in the execution of orders and personal information synchronization.
Earlier this week, Binance temporarily halted withdrawals due to an increased number of newly registered accounts. This coincided with a huge influx of new traders caused by issues with Robinhood's retail application.
BNB outperforms all veteran "exchange coins" in 2021
In 2018-2019, the utility tokens of cryptocurrency trading platforms ("exchange tokens") were among the "smart bets" for traders due to stable and predictable price performance. However, in 2020, native tokens of decentralized financial protocols ("DeFi tokens") outperformed exchange tokens by a wide margin.
In 2021, Binance Coin (BNB) is the best performing exchange token as it has added more than 28 percent since January 1, 2021.
Its closest competitors, Huobi Token (HT) and Unus Sed Leo (LEO), added 26.1 percent and 0.4 percent, respectively.
Meanwhile, OKCoin (OKB), the native asset of OKEx crypto exchange, is in the red zone, down 37.5 percent from December 2020 levels.