The native coin of the Binance exchange and Binance Smart Chain (BSC), BNB, moved to spot six this morning, pushing XRP to position seven on the CoinMarketCap scale, as covered by U.Today earlier on Thursday.
Now, two hours later, BNB has jumped to fourth place, leaving ADA and Polkadot behind.
BNB flips ADA, Polkadot, lands in spot four
The market cap value of Binance Coin now totals $29,158,951,471, and it is changing hands at $189.64, showing a close to 45 percent rise over the past 24 hours.
Binance Coin first got into the top-10 crypto list in winter 2019 and has remained in it or close to it since then.
On Feb. 17 this year, the coin printed an all-time high of $175, flipping many other top altcoins by market cap.
Here's what's driving BNB forward
Such a fast rise of BNB is down to the growth of Binance Smart Chain, an Ethereum rival for DeFi apps, which was launched in September 2020.
At the moment, there are twice as many transactions going on Binance Smart Chain as on Ethereum due to the fees—which are many times lower than on Vitalik's blockchain.
Besides, the PancakeSwap dex built on BSC has become the second-largest decentralized exchange, according to data from CoinGecko.
Gamza Khanzadaev
Arman Shirinyan
Tomiwabold Olajide
